FinTech Startup Fidel API Raises $65 Million

What’s sure to be another hot year for FinTech continued this week as a company that powers cashback platforms and other services revealed an impressive investment. Today, Fidel API announced that it had closed a $65 million funding round. The Series B was led by Bain Capital Ventures while NYCA Partners, QED Investors, and others also participated. To date, the startup raised a total of $88 million, including an $18 million Series A in 2019.

Fidel API is a startup that seeks to “enable the future of programmable money.” According to their site, the API can be used to securely connect consumer cards in order to capture purchase data and trigger “event-based experiences” — such as allowing for cashback when purchases are made at select retailers or brands.

Additionally, the service can be used to generate digital receipts, offer spend management, and more. Currently, Fidel’s API is already employed by such platforms as Google Pay, TopCashback, and several others.

Announcing the Series B and commenting on the company’s growth so far, Fidel API CEO Dev Subrata said in a statement, “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. This financing round will help us meet the ever increasing demand for developer tools that enable programmable money experiences.”

Subrata added, “Above all, it’s a testament to where the industry is headed. We are fortunate to be at the heart of this transformation, providing a unique set of developer tools that is accelerating the future of programmable money.”

Elsewhere, Bain Capital Venture partner Merritt Hummer said of the firm’s investment in Fidel, “We have been exceptionally impressed by Dev, his team and their mission to enable the future of payment experiences through their infrastructure. Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”

At this point, Fidel API may not be on the level of Plaid or other services that might sound similar to them on the surface. However, this significant Series B could well suggest a bright future ahead for the FinTech. What’s more, with major companies like Google already employing their technology, there’s no doubt the startup is finding significant success. All of this makes the company one to watch as a nine-figure Series C now seems all but inevitable in the months ahead.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Carbon Credit API Cloverly Joins Visa's FinTech Partner Connect 

Last year, Visa introduced the FinTech Partner Connect program to the United States, with the goal of introducing institutions to vetted startups that could help them expand their product offerings. Now, the latest company to join the program is Cloverly. Founded in 2019, Cloverly is an API for carbon credits, allowing businesses and consumers to help fight climate change. As the company points out, with the Visa partnership, Visa clients...

Prosper Announces $75 Million Growth Capital Financing

A long-admired FinTech has added some new capital to its coffers and it continues to grow after more than 15 years in business. Recently, Prosper Marketplace announced that it had closed a $75 million debt financing round. This capital came from a fund managed by Neuberger Bergman and will be used to help Prosper meet the demand for its loans, credit card, investment products, and more. According to the company,...

Small Business Saturday 2022 Drives Projected $17.9 Billion in Sales

This past weekend saw the kick-off to the holiday shopping season with Black Friday followed by Small Business Saturday. Now in its 13th year, the latter is a promotion meant to raise awareness for small local businesses and encourage consumers to support them. Now, the initial figures from this year's event have arrived. According to American Express (which actually invented the retail holiday in 2010), an estimated $17.9 billion were...