UK fintech Fidel is raising $18m in its first major funding round.

The series A funding round is co-led by US-based fintech specialist funds Nyca Partners and QED Investors.

The oversubscribed round also includes investment from Citi Ventures, Commerce VC, Elefund, Horizons Ventures and RBC Ventures Inc. In addition, Fidel is backed by angel investors including Cris Conde, former CEO SunGard, and Transferwise founder Taavet Hinrikus.

The funding will build the Fidel team, support growth, product development and expansion in North America, the Nordics and APAC.

UK fintech Fidel’s suite of APIs provides tools for developers to build PCI compliant financial services products. In particular, it makes it easy for developers to build applications connecting directly to consenting users’ debit or credit cards.

Moreover, it uses real-time payment data from Visa, MasterCard and American Express.

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It also takes care of compliance requirements by using technology that anonymises card numbers. As a result developers can avoid handling sensitive card data directly.

UK fintech Fidel: supercharging innovation

This dramatically reduces the time it takes businesses to access card payment data from potentially several years to an afternoon. As a result, businesses can bring engaging, personalised fintech innovations to market more quickly.

Cards are only linked when a user opts in to consent, giving consumers control over their personal data.

“Though the card networks have built extremely robust infrastructure, alternative payment methods are evolving. And consumer choice will be driven by value,” comments Subrata Dev, Founder and CEO at Fidel.

“Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem. By making it easy for developers to build on top of the infrastructure, the card networks stay relevant. By removing the barriers to entry for developers, applications can be brought to market more quickly. That drives value back to consumers. They get the same benefits and user experience they are used to receiving with other online services.”

UK fintech Fidel: clients include BA, Klarna

Fidel clients include British Airways, Klarna and RBC Ventures. Specifically, they work with Fidel to capture global transaction data in real-time. This powers a range of loyalty, rewards and money management services across multiple markets. For example, BA Executive Club members earn Avios automatically when using a linked credit or debit card at participating retailers.

Hans Morris, Managing Partner at Nyca Partners adds: “Fidel provides a completely original approach for fintech innovators. It creates new products by opening up access to the world’s three largest payment networks. This company has seen very impressive traction and customer adoption. We think it is poised to be a breakout fintech success story.”