Alternatives investment manager Regal Funds Management (ASX: RF1) has led a $33 million Series C investment round in embedded finance technology provider Shaype.
The round has been supported by family offices and individual investors.
Regal led the fintech’s $17 million Series B round last year when it was known as Hay.
Shaype’s platform enables any business to rapidly embed new financial services into their transaction systems. The technology enables a suite of microservices to be controlled with one API integration. The lead product enables customer transaction accounts, which include a VISA card, to be set up quickly. The company also offers its clients additional services such as card payments, transaction wallets, know your customer (KYC), anti-money laundering (AML) and fraud monitoring.
Regal chief investment officer Philip King said Shaype enabled businesses to provide financial services more efficiently and cost-effectively than was previously possible.
The new capital will be used to accelerate growth of the business which has about 100 employees across offices in Sydney, London, Belfast, Glasgow and Warsaw.
The business was set up by chief executive Andrew Laycock in March 2018. Laycock had previously spent 12 years with KKR-backed hedge fund manager Marshall Wace in the UK.
Image: Shaype provides retailers with technology that enables them to quickly set up customer accounts.