Embedded funding platform Shaype has raised $33 million in a Series C round that has led to a significant surge in the fintech’s valuation.
Regal Funds Management led the round, which also involved family offices.
The money will be used to accelerate growth, with a particular focus on expanding the team to support Australian customers, as well as international expansion. Shaype has 100 employees worldwide with offices in Sydney, London, Belfast, Glasgow and Warsaw.
Shaype switched from Hay as a Service in May to redesign embedded finance capabilities so customers could create any product form through a single API integration.
The fintechs core product are transaction accounts, including joint accounts, with the BSB and account number linked to a Visa card. The platform handles everything from payments to tokenization and dynamic authorization, as well as: KYC, rreal-time AML, CTF and fraud monitoring. The fintech will launches solutions for a range of financial services, HR, proptech and government companies by the end of 2022 and will also go live with PayTo services this quarter.
Shaype’s Chief Strategy Office, Dean Morrison, said he was pleased to see Regal and his team’s support for Series C with a significant rise in valuation.
“Against a volatile market, this major financing milestone is a confirmation of the value we have built Shaypereflected in our entire customer pipeline,” he said.
“As we head into the fourth quarter of a tremendous year, we continue to grow strongly in Australia and abroad. As a leader in embedded finance, we’ve built a powerful and flexible microservices platform that accelerates time-to-value so you can deliver tomorrow’s financial experiences to your customers today.”
Regal Funds Management Chief Investment Officer Philip King said they see huge opportunities for Shaype in leading innovation, as well as in disruption, in banking and finance.
“Shaype is at the forefront of a new breed of fintech that can make financial services better and more cost-efficient than any incumbent operator, thanks to the platform’s control, flexibility and speed,” he said.