UK open banking startup Yapily has inked a deal with European payments giant Adyen and says it has “significantly reduced” its financial losses in the year ending 2024.
Adyen is working with Yapily to streamline its KYB (Know Your Business) account verification and account onboarding, so Adyen will leverage Yapily’s open banking technology to verify the account details relating to the thousands of merchants it onboards every year.
Yapily says that this can be done quicker via open banking compared to existing technology.
Stefano Vaccino, CEO and founder of Yapily, said the deal with Adyen, marking the first time Yapily has worked with Adyen, was important because of the volume of customers Adyen brought to open banking.
The deal runs across Europe and could be broadened out to other Yapily open banking services, such as creditworthiness assessments or loan decisions.
Vaccino added: “Merchant onboarding and account verification are just the tip of the iceberg, and as this relationship grows, we look forward to enabling Adyen to develop more impactful and innovative solutions built on our open banking infrastructure.”
London-headquartered Yapily, founded in 2017, offers payments and data open banking services and has SME and retail customers.
In the year ending 2023, Yapily made a pre-tax loss of £11.3m, compared to a loss of £21.5m the year previous, while revenues were up from £2.8m to £5.1m, according to its financial accounts.
Vaccino said that in the year ending 2024, Yapily's losses would be “significantly reduced”, but did not disclose specific numbers. Yapily's accounts for the year ending 2024 have not yet been published on Companies House.
Vaccino said:
“Our objective is to have sustainable growth, which doesn’t always mean to have immediate profitability. We are keeping the burn very low. In the last 12 months, we have kept growing the revenue but reduced the loss.
“And this is particularly important nowadays because a lot of customers are getting very sensitive about the financial situation of their supplier, so it is important for us to prove the prudence to our customer.”
He added that in 2024 Yapily had not undertaken any significant job cuts, had no plans for job cuts in 2025, and said it had no plans for fresh fundraising.
Yapily, which has raised funding from VCs including LocalGlobe, Sapphire, and Lakestar, has raised around $69.4m, according to Crunchbase.
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