Yaspa raises $12 million to fuel US growth

A London-based fintech is accelerating US expansion after securing major investment.

Yaspa has raised $12 million (£9 million) in a funding round led by Discerning Capital, with support from Metavallon and TechStars Ventures. 

The open banking firm, which provides artificial intelligence-powered instant payment and identity services, and whose tech aims to reduce risk in sectors such as gambling, has now incorporated a US entity in Atlanta, Georgia.

Bosses say the investment will help Yaspa grow in North America, where open banking is forecast to grow rapidly. 

They add Yaspa, which is already active across Europe, plans to bring its intelligent payments solution to regulated US operators. 

James Neville, chief executive at Yaspa, who co-founded the company in 2017, said: “This significant investment marks a major milestone.

“It enables us to take our proven technology into a new market at pace – hiring a local team, building strategic partnerships and adapting our platform to meet the specific needs of operators.”

David Williams, partner at Discerning Capital, who will be joining the Yaspa board following the transaction, added: “We are excited to be partnering with Yaspa to help them expand deeper into regulated gambling. 

“The high-risk nature of gambling payments makes it an area in need of innovation, and we believe Yaspa addresses two of the biggest issues: chargebacks and player protections.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →