Development Bank of Wales invests in mobile payments innovator Yimba
The Development Bank of Wales has invested £250,000 in Yimba, a fintech multimedia and marketing platform enabling banks to differentiate their mobile wallet offering and generate new consumer insights through advanced technology.
The investment, which is also expected to generate over 50 new fintech jobs, will accelerate Yimba’s capabilities to help banks and fintechs improve the customers’ experience with personalised payment cards and digital wallets, enabled by its technology platform that provides connection to the ‘closed’ digital payment network.
Yimba’s provision for low cost and low maintenance solutions makes it simple for developers to integrate with its services, turning the cost of digital wallets into an additional revenue stream with only five lines of code.
Yimba’s Founder and Chief Executive Officer Robert Dowd, who previously led the strategy and technology innovation for a number of blue-chip financial services organisations including American Express, Barclaycard and Worldpay, said: “Mobile wallets such as Apple Pay are growing in adoption but research shows that persoanlisation is a critical in the success of digital marketing. While customers want compelling content and a personalised experience, payment and financial apps are not currently meeting consumer expectation.
“Yimba provides ‘universal connectivity’ across the payments eco-system. Our partners can access solutions that benefit them individually and their customers; helping users to engage with digital banking products by improving the customer experience of any digital wallet, one component at a time.
“Equity finance from the Development Bank has given us much needed working capital without the worry of making loan repayments, so all the investment can be put towards achieving our growth plans. From previous experience, I know that this is the most effective way of enabling faster growth and long-term value creation whilst also securing the support of an investor who will work alongside us to deliver on our vision.”
David Blake is an Assistant Investment Executive with the Development Bank of Wales. He added: “The increasing use of mobile devices for payments and marketing plus the calibre of the highly experienced team means that Yimba has grabbed the attention of the investor community and wallet providers such as Apple Pay.
“As a start-up embarking on technology development in the fin-tech sector, Yimba is an ideal match for our tech seed fund investment and we are delighted to be welcoming the team to our portfolio. This really is a tech venture to watch and we’re pleased that their base near Wrexham and Chester will enable the team to take advantage of the banking and financial hub in the North West.”