New Fidel API COO: API platforms democratize financial data


“The financial infrastructure continues to evolve. It’s still being modernized and digitized,” said Salman Syed, new chief operating officer at Fidel APIsaid PYMTS in a recent conversation.

These technologies offer the opportunity to democratize how financial data is leveraged across a variety of use cases, including the use of card-level data to enable enterprise and consumer spend management solutions – in real time.

He noted that application programming interfaces (APIs), such as those in the Fidel API, bring transaction data for the payment card that is already in a person’s wallet and feed it directly into another vendor’s expense management software, as an example of a use case. Fidel API tools can enable a wide range of services and use cases, including customer attribution, loyalty and rewards, and personal financial management.

Developers need the tools

In doing so, he said, it’s critical that developers have the right tools and access to data, to help these use cases move from concept to reality.

The connectivity provided by the Fidel API, he said, can help developers streamline their connections across various payment schemes to bring, for example, contextual loyalty offers to users, delivered in real time.

Syed joins Fidel API from his previous role at Marqeta, where, from 2016, he helped set up the company’s sales and partner organizations. Earlier this year, his new company announced a $65 million Series B funding round led by Bain Capital Ventures, with participation from existing investors including NYCA Partners and QED Investors, which will help him make evolve its workforce, product offerings and global presence.

Read more: Bain Capital leads $65M Series B for Fidel API

Along with announcing Syed’s appointment this week, Fidel API also said it has opened an office in San Francisco to be closer to its customers and partners. Syed told PYMNTS that the new location follows an expansion of the company’s geographic footprint that started in the UK, expanded into Europe, then broke into the US (initially in New York).

“We’re starting to move back to a post-COVID world where it’s normal to be in offices with people again,” Syed said, “and we thought it would be essential to be close to customers and leads.”

See also: Fidel API Appoints Mastercard Vet Salman Syed as Chief Operating Officer

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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