U.K.-based Fidel, which builds out tech infrastructure for card-based loyalty reward programs, is jumping across the pond to expand into the U.S. market, while also appointing a new executive to lead the effort.
The FinTech announced on Thursday (July 16) that it has opened a New York office, a decision that follows similar moves in Canada and the Nordics.
Fidel said it has also named Patrick Nealon, formerly of American Express Ventures, to oversee its American expansion. At Amex Ventures, Nealon focused on partnerships with startups. Prior to that, he worked on Visa's corporate strategy team in San Francisco.
The motivation was driven by rising interest in the U.S. in the use of “card payment infrastructure to personalize customer experiences, enhance financial services and streamline business operations,” Fidel cited in a press release emailed to PYMNTS.
Fidel offers a suite of APIs that can be used to link cardholders to loyalty reward programs and other apps. At the core of its business model is its partnership with the three major credit card giants — Mastercard, Visa and American Express — which gives it access to real-time data from their networks.
“There is a massive opportunity for Fidel to meet demand from American firms keen to use our API,” Nealon said in the release. “The size and dynamics of the U.S. market make the States a great destination for European FinTechs as well. I'm excited to support the progress already made in North America by my Canadian colleagues, and I look forward to seeing what our partners will build on top of our API.”
Fidel said that its new U.S. operation has inked partnerships with businesses and organizations including Beyond, BAMit, giveback2schools and Twism. The companies join a roster of clients that includes British Airways, Royal Bank of Canada and Klarna.
Last September, Fidel raised $18 million in Series A funding from investors co-led by U.S.-based Nyca Partners and QED.