London, UK, 27 October 2021: Trilo, the UK-based payments startup, is today announcing it has partnered with open banking infrastructure provider Yapily, to help businesses smoothen customer experience and supercharge their growth, by providing the simplest way to pay.
Businesses and merchants are losing out on revenue they rightfully own due to extortionate card interchange and transaction fees - Visa, Mastercard and PayPal have all announced a rise in interchange fees this year. They’re at risk of losing customers if they don’t provide smooth checkout services. At a time when payments need to be simple so businesses can recover from the economic crisis, eliminating any inefficiencies that add complexity when it comes to payments is critical.
Trilo and Yapily have partnered to solve this payments problem by bringing the benefits of open banking to the wider retail market, enabling both online and point of sale payments through Trilo’s single payment platform.
Harnessing Yapily’s open banking infrastructure, Trilo empowers businesses to move away from cards and their fees, unlocking hidden revenue which would otherwise be eaten up in paying those fees. While Trilo is giving merchants more visibility on their customers, creating a data-rich ecosystem for merchants to connect more with their merchants. Freeing this cash and unlocking more insights enables them to reinvest in and enhance their product offerings, thereby increasing customer retention. Trilo further improves overall conversion rates for merchants by offering the smoothest checkout experience possible for all involved, all powered by Open Banking fuelled by Yapily.
Hamish Blythe, founder of Trilo said, “We’re building a new ecosystem, leaving cards behind for good, and giving consumers and merchants the simplest, most beautiful experience possible. With Yapily’s extensive connection to banks, we have the ability to focus on what we do best - giving our customers a stellar experience.
“Yapily’s connectivity and reach across Europe is also supporting our ambitious expansion plans. We’re currently based in the UK, but we’re planning to expand our services overseas in the next year, and with Yapily, we’re one step closer to achieving this goal.”
Stefano Vaccino, CEO of Yapily said, “Trilo is a great example of a platform making a positive impact on helping businesses bounce back from an extremely difficult year. Its mission to eliminate cards, and unnecessary transaction fees, aligns perfectly with our goal to enable fintechs with fairer, faster and more secure payments. We’re excited about Trilo’s venture and we’re looking forward to it growing from strength to strength.”
Yapily recently completed its Series-B fundraising round, which saw it secure $51m to extend open banking globally and revolutionise payments.
Yapily is an open banking infrastructure provider, allowing companies to seamlessly access financial data and initiate payments. Designed and built for open finance, Yapily enables better and fairer financial products for everyone.
The company has raised $68M in funding to date, and provides infrastructure for industry leaders including American Express, Intuit Quickbooks, Moneyfarm, Volt, Vivid and BUX. Headquartered in London, UK, Yapily employs over 100 people and continues to scale rapidly.
Trilo is a new ecosystem connecting people closer than ever before. Whenever you’re shopping on the high street, scrolling online, or simply sending money to a friend you do it with the scan of a QR, or tap of a button. And when you’re shopping you’ll get a Boost every time.
Merchants using Trilo learn about their customers, what makes them tick, and how to drive up their sales. While Trilo has scrapped transaction fees for good, instead fueling a subscription model for powering their ecosystem.