Fintech Shaype lands $33 million Series C

Embedded finance platform Shaype has raised $33 million in a Series C round that has delivered a significant increase in the fintech’s valuation.

Regal Funds Management led the round, which also included family offices. 

The cash will be used to accelerate growth, with particular focus on expanding the team to support Australian clients, as well as international expansion. Shaype has 100 employees globally with offices in Sydney, London, Belfast, Glasgow and Warsaw. 

Shaype rebranded from Hay as a Service in May as it looked to redesign the possibilities for embedded finance, allowing clients to create any product shape via a single API integration.

The fintech’s core product is transaction accounts, including joint accounts, with the BSB and account number linked to a Visa card. The platform deals with everything from payments to tokenisation and dynamic authorisation, as well as KYC, real-time AML, CTF and fraud monitoring. The fintech will launch solutions for a range of businesses across, financial services, HR, proptech and government by the end of 2022 and its also going live with PayTo services this quarter.

Shaype’s Chief Strategy Office, Dean Morrison, said they were pleased with the support of Regal and its team for the Series C with a significant uplift in valuation.

“Against the background of a choppy market, this significant funding milestone is an endorsement of the value we have built at Shaype, reflected in our full customer pipeline,” he said.

“Heading into the fourth quarter of a huge year, we’re continuing to grow strongly in Australia and overseas. As a leader in embedded finance, we’ve built a powerful and flexible microservices platform that accelerates time-to-value, so you can give your customers tomorrow’s financial experiences today.”

Regal Funds Management Chief Investment Officer Philip King said they see huge opportunities for Shaype in leading innovation, as well as disruption, in banking and finance.

“Shaype is at the forefront of a new breed of fintech that can enable financial services better and more cost efficiently than any incumbent thanks to the platform’s control, flexibility, and speed,” he said.