FinTech Startup Fidel API Raises $65 Million
What’s sure to be another hot year for FinTech continued this week as a company that powers cashback platforms and other services revealed an impressive investment. Today, Fidel API announced that it had closed a $65 million funding round. The Series B was led by Bain Capital Ventures while NYCA Partners, QED Investors, and others also participated. To date, the startup raised a total of $88 million, including an $18 million Series A in 2019.
Fidel API is a startup that seeks to “enable the future of programmable money.” According to their site, the API can be used to securely connect consumer cards in order to capture purchase data and trigger “event-based experiences” — such as allowing for cashback when purchases are made at select retailers or brands.
Additionally, the service can be used to generate digital receipts, offer spend management, and more. Currently, Fidel’s API is already employed by such platforms as Google Pay, TopCashback, and several others.
Announcing the Series B and commenting on the company’s growth so far, Fidel API CEO Dev Subrata said in a statement, “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.”
Subrata added, “Above all, it’s a testament to where the industry is headed. We are fortunate to be at the heart of this transformation, providing a unique set of developer tools that is accelerating the future of programmable money.”
Elsewhere, Bain Capital Venture partner Merritt Hummer said of the firm’s investment in Fidel, “We have been exceptionally impressed by Dev, his team and their mission to enable the future of payment experiences through their infrastructure. Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”
At this point, Fidel API may not be on the level of Plaid or other services that might sound similar to them on the surface. However, this significant Series B could well suggest a bright future ahead for the FinTech. What’s more, with major companies like Google already employing their technology, there’s no doubt the startup is finding significant success. All of this makes the company one to watch as a nine-figure Series C now seems all but inevitable in the months ahead.