UK Embedded Finance (Fintech Infrastructure) Fidel API Bags $65 million Series B

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TechCrunch | Mary Ann Azevedo | Apr 6, 2022

Financial infrastructure startup Fidel API has raised $65 million in a Series B funding round led by Bain Capital Ventures.

The London-based company provides identity, data and payments products that it says gives developers a way to capture consent permissions and “securely” connect payment cards to a service or application.

“With this infrastructure, developers are able to create highly contextualized and event-driven user experiences at the point of purchase,” it claims. Fidel API is industry agnostic, with customers ranging in the “hundreds,” from startups to giants such as Google, Royal Bank of Canada and British Airways. Developers use the company’s tools to power a range of features, including digital receipts, omnichannel attribution, loyalty and rewards, expense management and personal finance management.

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The raise is another example of how infrastructure companies in the fintech world continue to be resilient despite an apparent slowdown in global funding overall. The ability to empower other companies in the world of financial services is proving to be lucrative as well as attractive to investors. Just last week, Cross River Bank landed a $620 million investment that pushed its valuation to more than $3 billion. In February, blockchain infrastructure startup Alchemy announced that it had closed on a $200 million Series C1 equity round that valued the company at $10.2 billion.

In the case of Fidel API, Subrata says the company has built the infrastructure that can help developers create “programmable money.”

“Our role in the ecosystem is to enable other developers to build what we call programmable experiences on top of existing money flow that can be quite archaic,” Subrata said. “What we have done is build a modern connectivity layer that sits on top of the payment systems on the global net core networks. And then we expose that through a modern API for other developers to innovate on top of.”

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