Fidel, a UK-headquartered financial API provider, has announced on Thursday the establishment of its New York office to facilitate its further expansion in North America.
The fintech already expanded its business beyond its home last year to the Nordic countries and Canada.
“We decided to accelerate our plans to expand to the US due to the surge in demand for our services in the last few months,” Dev Subrata, CEO and founder of Fidel, said. “US businesses are increasingly looking at how they can use payment data to drive engagement by providing new services and experiences. This, together with the size of the US market, made it a natural choice for our third international office.”
Another rising fintech startup
Fidel offers real-time card payment data and is working in partnership with three major payment networks – Visa, Mastercard, and American Express. Its suite of APIs directly connects the user’s payment card to an app, thus allowing developers to connect card-linked applications like loyalty-based rewards.
The company made headlines last year after securing $18 million in a Series A funding round from both venture capital and angel investors including Citi Ventures, Horizons Ventures, and Taavet Hinrikus, founder of TransferWise.
CAPEX.com Raises $21 Million in New Funding RoundGo to article >>
At its New York office, Fidel appointed Patrick Nealon as vice president of strategy to support its US growth initiatives.
“There is a massive opportunity for Fidel to meet demand from American firms keen to use our API. The size and dynamics of the US market make the States a great destination for European fintechs as well,” Nealon added.
“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.”
The fintech also inked local partnership deals with Beyond, BAMit, giveback2schools, and Twism.
“We launched the Chip-In program as a way of helping to restart local economies across America and support the #ShopLocal movement. Fidel’s API made it easy for us to access real-time payment data from the card networks, enabling consumers with a seamless way of earning rewards simply by using their credit or debit card,” Bob Carr, CEO of Beyond, said.