UK startup Fidel raises $18m to develop fintech innovation
UK startup Fidel has secured $18m in its first round of funding, it announced on Wednesday, co-led by US-based fintech specialist funds Nyca Partners and QED Investors.
The startup provides tools for developers to build PCI-compliant financial services products using real-time payment data from payment giants Visa, MasterCard and American Express.
It said the money would be used to build its team and support company growth, product development and international expansion in North America, the Nordics and Asia Pacific.
The round of funding also included investment from Commerce VC, Elefund, Horizons Ventures, 500 Startups and several high profile angel investors such as Cris Conde - former CEO of Sungard - and Taavet Hinrikus, founder of Transferwise.
Fidel also said in its statement that Hans Morris, former president of Visa and managing partner of Nyca Partners, and Yusuf Ozdalga, partner at QED Investors, would join its board.
"Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem," said founder and chief executive officer Subrata Dev.
"By making it easy for developers to build on top of the infrastructure, the card networks stay relevant, [and] by removing the barriers to entry for developers, applications can be brought to market more quickly.
"That drives value back to consumers."
Hans Morris, managing partner at Nyca Partners and former president of Visa, added that Fidel was providing a "completely original approach" for fintech innovators to create new products by opening up access to the world’s three largest payment networks.
"This company has seen very impressive traction and customer adoption, and we think is poised to be a breakout fintech success story."