NPIF investment will create 10 jobs, and expansion, for Chester fintech firm

Chester fintech company, Yimba, will create 10 jobs as part of its expansion, funded by a £500,000 investment by NPIF-Maven Equity Finance.

Yimba 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, managed by Maven Capital Partners (Maven) and part of the Northern Powerhouse Investment Fund (NPIF), will help Yimba to invest in product development and take on 10 more staff.

Yimba launched its product with Mastercard, Meawallet and Railsbank in the third quarter of 2021 and has developed interest from Tier 1 and challenger bank organisations, with a number expected to launch this year.

The technology allows bank or card issuers to customise the digital version of their card stored in payment wallets such as Apple and Google Pay, allowing them to deliver different product propositions, compel customers to use payment wallets, generate new consumer insights, and drive marketing campaign opportunities.

Yimba says its market is large and growing, especially as mobile phone growth is expected to reach £3bn within four years worldwide.

Its management team includes co-founder and CEO, Robert Dowd, who has previous experience as a senior manager and director at American Express, Barclaycard, Citibank and MBNA/Bank of America. Robert is joined by fellow cofounder and CCO, Lee Clarke, a serial entrepreneur who has significant experience in scaling businesses from inception to growth, most recently with Bink.

Co-founder Jonathan Allen also makes up the management team, working as CPO. Jonathan is an experienced product director having worked previously at Morgan Stanley, MBNA, and MoneySuperMarket.com and Coop digital.

Alex Rothwell, senior investment manager at Maven, said: “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.”

Robert Dowd said: “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.”

Sue Barnard, from the British Business Bank, said: “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.”

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