FinTech Yapily has secured £10.6m funding.

The London-based start-up plans to drive open banking adoption across Europe following the Series A funding round.

The round was led by early Skype investor Lakestar with participation from existing investors HV Holtzbrinck Ventures and LocalGlobe, plus angel investors.

Founded in 2017, API tech provider Yapily connects FinTech platforms and boasts Fortune 500 companies and fast-growth tech firms as clients including Intuit QuickBooks.

Stefano Vaccino, founder and CEO of Yapily, said: “We believe open banking is a force for good. Using our API and infrastructure, we’re not only providing our partners with strong and powerful connectivity to boost their user experiences.

“But we’re also giving their customers, whether they be consumers or businesses, greater control of their finances, through the creation of products and services which can fuel greater financial management and accessibility – something that’s more essential than ever during this period of uncertainty.”

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During the last six months, the start-up’s monthly recurring revenue has grown by over 500%, it’s quadrupled its headcount in London to 45, and has also expanded into Italy, Ireland and France.

Stephen Nundy, Partner at Lakestar, said: “With pressure placed on the world’s economy due to the Covid-19 outbreak, we believe investors have an important role to play in continuing to support innovation to fuel business growth.

“Now has never been a more important time to drive financial wellbeing and goodwill, and Yapily’s infrastructure is best placed to enable and encourage this across the financial ecosystem.”