Yapeal has brought a new investor on board. Abacus, a software firm based in Eastern Switzerland, has invested several million Swiss francs in the Zurich-based digital bank, as detailed in a press release. However, the precise sum of the investment has not been disclosed.
According to information in the press release, Yapeal is the first company to be awarded the new FinTech license from the Swiss Financial Market Supervisory Authority (FINMA). As a result, Yapeal is in a position to offer comprehensive payment transaction services. Customers receive direct access to their accounts with Yapeal and their money is deposited with the Swiss National Bank (SNB) in full.
Abacus primarily specializes in enterprise resource planning (ERP). It is not only making an investment in the digital bank, but also has its sights set on forming a long-term partnership. This would initially involve establishing joint development teams, with the aim of realizing real-time processes with autonomous accountancy and financial services. This would ultimately make it possible to merge the goods and money cycle in real time.
“This partnership will immediately revolutionize relationships and processes between SMEs and banks over the long term. It will help to integrate fully automated, real-time processes in the ecosystem and bring this to the next level”, comments Thomas Hilgendorff, CEO of Yapeal, in the press release, before adding: “Alongside the companies, their employees and our own users, which we call Yapsters, will also feel the benefit of this”.