Fidel API, a global financial infrastructure platform, announced it has raised $65m in Series B funding. The round was led by Bain Capital Ventures, with participation from investors NYCA Partners, QED Investors and more. It brings Fidel API’s total funding to $88m since inception.
What does the Fidel API platform do?
Fidel API enables developers to create programmable experiences that enhance the value of payment cards. Its platform provides identity, data, and payments products that allow developers to capture consent permissions and securely connect payment cards to a service.
Developers are able to create event-driven user experiences at the point of purchase. Start-ups through global enterprises, like Google, Royal Bank of Canada and British Airways, are leveraging Fidel API’s tools to power a range of solutions like digital receipts, omni-channel attribution, loyalty and rewards, expense management and personal finance management.
Fidel API’s Series B financing will allow the company to continue to scale its workforce and product offerings. The company plans to more than double its global headcount to meet growing demand with a particular emphasis on Engineering, Sales and Product hires.
How will Fidel API use the funds?
The added capital will also accelerate investments into existing products, in addition to newer product capabilities across identity verification, consent management and payments.
“Today, thousands of developers are using the Fidel API platform to build real-time, event-driven experiences that deliver utility to consumers and businesses around the world. This financing round will help us meet the ever increasing demand for developer tools that enable programmable money experiences,” said Dev Subrata, Chief Executive Officer of Fidel API.
“It’s a testament to where the industry is headed. We are fortunate to be at the heart of this shift, providing a unique set of tools that is accelerating the future of programmable money.”
“Fidel API is driving the next wave of financial innovation. We have been exceptionally impressed by Dev, his team and their mission to enable the future of payment experiences through their infrastructure,” said Merritt Hummer, Partner at Bain Capital Ventures.
“Fidel API is poised to become a dominant player as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”
Since launching in 2018, Fidel API has experienced tremendous growth, more than doubling the size of its workforce over the past twelve months and entering markets across North America, Europe, Asia Pacific and the Middle East. Fidel API is currently powering services for millions of cardholders and hundreds of thousands of merchants around the world.