Fidel secures multi-million funding round as nears swinging into the black and looks to launch new products

UK fintech has undergone its first funding round, which it says was oversubscribed.

Fidel, the API platform which connects developers to loyalty and marketing services, has secured $18m (£14.4m) of funding, as it looks to build its team, develop new products and further international expansion.

The UK-based fintech has secured funding from US-based fintech specialist Nyca Partners, venture capital firm QED Investors, startup investor Citi Ventures and other investors, in its first major funding round, which Fidel said was oversubscribed.

"We are quite pleased with the amount of interest," said Subrata Dev, co-founder, CEO, Fidel, pointing to considerable investor interest from the US.

Fidel is a card-linked API which allows developers to create apps by linking banking cards with reward services.

Dev said: "By making its easy for developers to build on top of the infrastructure, the card network stay relevant. By removing the barriers to entry for developers applications can be brought to market more quickly."

Commenting on Fidel's first major funding round, Hans Morris, Managing Partner, Ncya Partners, said that Fidel, which has relationships with Visa, Amex and Mastercard, " is poised to be a breakout fintech success story".

Fidel, which employs 36 people in the UK, Portugal, Canada and the US, currently works with 700 developers.

British Airways and the Royal Bank of Scotland are amongst the brands which work with Fidel on loyalty and money management services.

"All of our customers have been in-bound. They have come to us," said Dev.

Fidel is now looking to move its business into new areas, including possible moves into digital receipts and insurance.

Fidel is not currently profitable but Dev said revenues were growing rapidly.

"We are not profitable. We are close to it," said Dev, adding it was "very likely" it would profitable in 12 months time.

According to Companies House, Fidel Limited has creditors of £726,000 and net liabilities of £937,000 in the year ending May 2018.