Fidel, a provider of real-time payment data, has closed an $18m Series A, marking the startup’s first major round.
FinTech specialist investment firms Nyca Partners and QED Investors co-led the oversubscribed round.
Other contributors included Commerce VC, Elefund, Horizons Ventures, 500 Startups and several high-profile angel investors such as former Sungard CEO Cris Conde and Transferwise founder Taavet Hinrikus.
With the fresh equity, the FinTech is looking to increase its team size and support the company’s growth through product development and international expansion in North America, the Nordics and APAC.
Fidel helps developers to build applications which connect directly to consenting consumers’ debit or credit cards. The API solution gives easy access to real-time payment data from Visa, Amex, and Mastercard, through a single application.
To ensure privacy compliance is met, the platform anonymises card numbers.
Clients, such as British Airways and Klarna, have used the technology to offer new loyalty, rewards and money management services.
As part of the round, Nyca Partners managing partner Hans Morris and QED Investors partner Yusuf Ozdalga will join Fidel’s board of directors.
Fidel founder and CEO Subrata Dev said, “Though the card networks have built extremely robust infrastructure, alternative payment methods are evolving and consumer choice will be driven by value.
“Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem. By making it easy for developers to build on top of the infrastructure, the card networks stay relevant. By removing the barriers to entry for developers, applications can be brought to market more quickly. That drives value back to consumers, who get the same benefits and user experience they are used to receiving with other online services.”
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