Yapily, an Open Banking infrastructure provider, has raised $51 million in Series B funding.

The round takes total investment in the London headquartered company to date to $69 million.

The company will use the funding to expand across Europe, with the aim of extending Open Banking services to cover 95 per cent of the continent by the end of the year; and will continue to invest in its infrastructure to pave the way for Open Finance, which it hopes will improve financial inclusion.

The round was led by Sapphire Ventures. Primarily investing in Series B through IPO technology companies, Sapphire supports the growth of the API infrastructure category.

Existing investors Lakestar, HV Capital and Latitude also participated in the round.

With bank transfers estimated to account for 8 per cent of global e-commerce payments in 2020 according to Worldpay’s 2021 Global Payments Report, account-to-account payments are entering the mainstream of digital payments.

Yapily will use the funding to enter new markets including France and Spain, while continuing to invest in existing markets including UK, Italy and Germany.

Yapily plans to expand to markets beyond Europe in 2022 as Open Finance regulation is implemented globally and consumers begin to benefit from an open financial ecosystem.

Stefano Vaccino, chief executive and founder of Yapily said:“We are delighted with this strategic investment, demonstrating Yapily’s position at the heart of disrupting global financial infrastructure. Open Banking infrastructure is fundamental to how data and payments move between organisations worldwide, and it will shift the power to consumers for years to come."

He added:“Europe is leading the world in Open Finance, and consumers and businesses will start to see more innovation from industries such as mortgages, pensions and insurance, with easier access to financial data and payments infrastructure. With more frameworks coming into effect around the globe, the time is right to double down on our growth plans by entering regulatory-led markets and enabling companies to build better and fairer financial products and services.”

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