Fintech company Yaspa obtains $12 million in financing to extend its operations across the United States.
Yaspa, a fast-growing payments solution provider for the gaming industry, is set to expand its operations in the United States. The London-based company, known for its proprietary real-time payments solution, Intelligent Payments, has received a significant investment of $12 million from Discerning Capital.
The funding round, led by Discerning Capital, is aimed at accelerating Yaspa's US expansion. The strategy involves establishing a local presence in Atlanta, Georgia, hiring a local team, forging strategic partnerships, and adapting the platform to meet the unique regulatory and operational requirements of the American market.
Yaspa's technology stack, which includes instant payments, identity services, artificial intelligence, and open banking technology, is well-positioned to address the growing demand for innovative payment solutions in the US. The company's primary focus has been Europe, but it is now eyeing further growth in the US, particularly in regulated sectors with acute payment challenges, such as gambling.
The US open banking market is projected for significant growth, moving from about $7.08 billion in 2023 and expected to continue expanding. Yaspa's solution, which aims to disrupt the gambling payments ecosystem, is highly relevant and attractive to operators in these markets due to its ability to address challenges like chargebacks and player protection.
Industry experts, including Discerning Capital, emphasize Yaspa's ability to outperform existing payment providers in the US through its Account-to-Account (A2A) payment product, which can improve compliance and user experience. Discerning Capital partner David Williams will join Yaspa's board as part of the latest investment.
Yaspa's CEO, James Neville, views the investment as a "major milestone" for the company. He stated that Yaspa aims to support businesses leading in compliance, player safety, and user experience as the US market matures. The funding will allow Yaspa to double down on US expansion plans and take its proven tech to a new market at pace.
In addition to Discerning Capital, Yaspa also received backing from TechStars Ventures. The US open banking market is projected to witness a Compound Annual Growth Rate (CAGR) of 22.5% from 2024-2031, growing from USD 7.08 billion in 2023 to USD 35.79 billion in 2031. Discerning Capital expects that any operator who evaluates Yaspa's A2A product versus their existing payments provider will end up adding Yaspa.
With this investment, Yaspa is poised to make a significant impact in the US market, leveraging its innovative technology to address the unique challenges in regulated industries and capitalize on the growing open banking market.
- Yaspa, with its focus on expanding operations in the United States and leveraging its technology stack that includes instant payments, identity services, artificial intelligence, and open banking technology, is poised to make a significant impact in the US investment landscape.
- The funding from Discerning Capital, aimed at accelerating Yaspa's US expansion, will not only enable the company to establish a local presence, hire a local team, and forge strategic partnerships, but also adapt its platform to meet the unique regulatory and operational requirements of the American business environment, particularly in the growing open banking market.
