Berlin, Germany — Ivy open banking payments startup from Berlin, today announced that it has raised $20 million in Series A funding. The round was led by Valar Ventures, with participation from Creandum, 10x Founders, and Angel Invest, alongside a number of angel investors.
The funding will be used to accelerate Ivy’s expansion into new markets and its product development efforts. The company plans to use the funds to expand its team, develop new features, and grow its network of partners.
Founded in 2021, Ivy is building a global API for instant bank payments. The company aims to bring together instant bank payment infrastructures such as Pix, UPI, FedNow, and Open Banking, among others, to a unified gateway. This will allow businesses to accept payments from consumers in over 50 countries, with connections to over 500 million consumer bank accounts.
“We are excited to partner with Valar Ventures and other leading investors to support the expansion of our global open banking payments network,” said Ferdinand Dabitz, CEO of Ivy. “This funding will allow us to accelerate our growth and make instant bank payments available to businesses and consumers around the world.”
The funding round for Ivy comes at a time of growing interest in open banking. Open banking is a financial technology (fintech) movement that enables third-party financial service providers to access customer data from banks and other financial institutions through application programming interfaces (APIs). This allows businesses to offer new and innovative financial products and services to their customers.
According to a report by Juniper Research, the market is expected to reach $230 billion by 2026.
Other Recent Funding Rounds for Open Banking Startups
In addition to Ivy, a number of other open banking startups have raised funding in recent months. These include:
- Tink, which raised €210 million in Series D funding in June. Tink is a Swedish open banking platform that provides businesses with access to financial data from banks across Europe.
- TrueLayer, which raised $100 million in Series C funding in May. TrueLayer is a British open banking platform that provides businesses with access to financial data from banks across the UK.
- Yapily, which raised $120 million in Series C funding in April. Yapily is a British open banking platform that provides businesses with access to financial data from banks across Europe.
The growing interest in open banking is being driven by a number of factors, including the increasing demand for financial innovation, the regulatory requirements for open banking, and the growing availability of open banking APIs.
Deal Table for IVY
| Key People | Investors | Amount Invested | Sector | Funding Round |
|---|---|---|---|---|
| Ferdinand Dabitz | Valar Ventures, Creandum, 10x Founders, Angel Invest | $20 million | Open Banking | Series A |