Financial infrastructure platform Fidel API has raised $65 million in a Series B round that brings the company’s total funding to $88 million.
As the company said in a news release Wednesday (April 6), the round was led by Bain Capital Ventures with participation from existing investors NYCA Partners and QED Investors, among others. Fidel said it plans to use the new funding to more than double its global headcount to meet the burgeoning demand for engineering, sales and product workers.
In addition, the capital will boost investments into existing products and “newer product capabilities across identity verification, consent management, and payments.”
Fidel API lets developers create programmable experiences to enhance the value of using and accepting payment cards, per the announcement, with a platform that provides identity, data and payments products.
Launched in 2018 by founders Dev Subrata and Andre Elias, the company said it has more than doubled the size of its staff in the last year while also entering new markets in North America, Europe, the Middle East and Asia Pacific.
“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,” Subrata, CEO of Fidel API, said in the release. “This financing round will help us meet the ever-increasing demand for developer tools that enable programmable money experiences. Above all, it’s a testament to where the industry is headed.”
In March, PYMNTS spoke with Pat Nealon, vice president of strategy at Fidel API, about how application programming interfaces (APIs) are transforming consumer spend management.
By leveraging data from global card networks, spend management applications can engage users the moment they make a payment, Nealon said.
“In today’s ecosystem, consumers are demanding real-time experiences, [so] if you’re engaging me on how I’m spending 12 to 48 hours after [a transaction], I’m likely not going to be very [responsive],” Nealon said. “Real-time notifications and messages that take place at the very moment that a consumer is transacting dramatically enhances the experience.”