Published: Mar 16, 2022
Focus: NPIF Maven Equity Finance
NPIF Maven Equity Finance has invested £500,000 in Yimba, a Fintech platform that has developed digital wallet technology that allows banks to deliver personalised banking services to their consumers via mobile banking and payment wallet integrations.
The funding will enable the business to invest in product development, expand its team to service a growing number of customers, and create a number of high value jobs in the region.
Yimba launched its product with Mastercard, Meawallet and Railsbank in 2021. Since then its easy to integrate software has attracted significant interest from several Tier 1 and challenger banks with a number of these expected to adopt the platform in 2022.
Yimba’s personalisation tool allows banks and financial institutions to customise customers digital wallets such as Apple and Google Pay, enabling them to create differentiated product propositions, compel customers to use payment wallets and drive marketing campaign opportunities.
Yimba has an experienced management team with significant experience in financial services. CEO, Robert Dowd, was previously a senior manager and director at American Express, Barclaycard, Citibank and MBNA/Bank of America. CCO, Lee Clarke, is a serial entrepreneur who has significant experience in scaling businesses from inception to growth, most recently with Bink. Finally CPO, Jonathan Allen has previously worked in senior roles at Morgan Stanley, MBNA, and MoneySuperMarket.com and Coop Digital.
“Yimba has created a solution that is unique within the digital wallet environment, with significant market potential for growth. Robert and his team are highly knowledgeable with a wealth of experience in their fields and we are delighted to support the business at this time as it embarks on its next stage of its development.”
Alex Rothwell, Senior Investment Manager at Maven
“After a significant period of development and business engagement, Maven’s NPIF investment allows the company to be well positioned to support the company’s rapid growth in 2022. We are very excited to be working with such an experienced organisation as we expand our team in the North West and our client base globally”
Robert Dowd, Co-founder and CEO of Yimba
“Yimba is an exciting example of the opportunities that exist in the digitial banking sector, and the Northern Powerhouse Investment Fund is pleased to be supporting companies in the fintech sector. The funding will be able to help Yimba in its product development and support the company in growing its team. Businesses like Yimba are great examples of the entrepreneurial and innovative spirit that we have in the North of England.”
Sue Barnard from the British Business Bank
If your business is in need of finance to help unlock its growth potential, NPIF Maven Equity Finance may be able to help. Contact Maven’s local team today on 0161 233 3500.