Yaspa, a hyper-growth financial technology company based in London, confirmed that it has received $12 million in its latest funding round. The extra money will allow the business to double down on US expansion plans.
Yaspa Eyes US Growth
Yaspa clarified that the funding round was led by Discerning Capital, which single-handedly contributed $10 million of the money. According to the former company, Discerning Capital trusts its payments solutions to disrupt the gambling payments ecosystem, offering a smooth and safe payment process.
In addition to Discerning Capital, Yaspa received backing from longtime investor TechStars Ventures.
Yaspa’s award-winning tech stack includes instant payments and identity services underpinned by artificial intelligence and open banking tech. Its proprietary real-time payments solution, Intelligent Payments, has cemented itself as a fast-growing solution for gaming companies.
As a London-based company, Yaspa has been primarily focused on Europe. However, the company recently incorporated a US entity, based in Atlanta, Georgia, and has since eyed further growth. With the US open banking market projected to continue experiencing rapid growth, Yaspa is bullish on pursuing opportunities in the region.
The United States’ open banking market is projected to witness a CAGR of 22.5% during the forecast period 2024-2031, growing from USD 7.08 billion in 2023 to USD 35.79 billion in 2031, according to a 2024 Markets and Data industry report.
Yaspa statement
Discerning Capital Is Optimistic About Yaspa’s Product
Discerning Capital, for context, is focused on investments in companies operating at the intersection of iGaming, sports media, and technology. It is optimistic about the potential of Yaspa’s account-to-account (A2A) payments, which have already proven a hit in Europe, and believes that they will have a global appeal.
As part of the latest investment, Discerning Capital partner David Williams will join the Yaspa board. He commented on the partnership, saying that his team is pleased about the opportunity to help the fintech company expand.
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. We believe that any operator who evaluates Yaspa’s A2A product versus their existing payments provider will end up adding Yaspa.
David Williams, partner, Discerning Capital
Yaspa’s chief executive officer, James Neville, was likewise pleased with the arrangement, calling it a “major milestone” for the company. He said that the investment will allow his team to take its proven tech to a new market at pace. Neville added that the money will ensure Yaspa has the capacity to hire a local team, form local agreements and adapt its platform to the needs of American operators.
Neville said: “We’re looking forward to supporting businesses that want to lead on compliance, player safety and user experience as the market matures.”