Shaype, an embedded finance platform for Shaype, has raised $33M in a Series C round. This has resulted in a significant rise in the fintech’s value.
Regal Funds Management was the leader of the round. This also included family offices.
The cash will be used for growth acceleration, with a particular focus on growing the team to support Australian clients as well as international expansion. Shaype employs 100 people worldwide, with offices in Sydney and London, Belfast, Glasgow, Glasgow, Warsaw, and Glasgow.
Shaype was rebranded as Hay as a Service by Hay as a Service May to reflect its desire to reinvent embedded finance options, allowing clients the ability to create any product shape using a single API integration.
The core product of fintech is transaction accounts. This includes joint accounts with the BSB, account number and linked Visa card. It handles everything, from payments to tokenisation and authorisation to fraud monitoring, KYC, real time AML, CTF, and CTF. By the end of 2022, solutions will be available for a variety of businesses including financial services, government, HR, proptech, and finance. PayTo services will also go live this quarter.
Dean Morrison, Chief Strategy Officer at Shaype, stated that they were happy with Regal’s support for Series C, which saw a significant increase in valuation.
He stated that “amidst a turbulent market, this important funding milestone is an endorsement for the value we have constructed at Shaype, reflected through our full customer pipeline.”
Philip King, Chief Investment Officer at Regal Funds Management, said that they see great opportunities for Shaype to lead innovation and disruption in banking and finance.
He stated that Shaype is leading a new breed in fintech, which can enable financial services more efficiently and cost-effectively than any incumbents, thanks to its control, flexibility and speed.