Michael Eidel has been appointed as the new CEO of Yapeal, succeeding co-founder Thomas Hilgendorff. According to a statement released on Monday, Hilgendorff will remain with the company as Chief Commercial Officer (CCO).

Designated CEO Already Involved in Strategic Realignment

Eidel was most recently the CEO of a fintech company in Australia, where he spearheaded the company’s strategic repositioning and expansion, as well as the introduction of an innovative technology platform for corporate clients. He has already been involved in shaping Yapeal’s strategic realignment over the past year.

His predecessor, Thomas Hilgendorff, will focus on commercial business development and the expansion of strategic partnerships in his new role as CCO.

«Michael Eidel, with his international experience in the finance and technology sectors, will play a crucial role in advancing Yapeal’s strategic realignment and driving future growth,» says Werner Vontobel, Chairman of the Board of Directors at Yapeal.

Abacus Participates in Funding Round

The company also announced the successful completion of a funding round, which included participation from both existing and new investors.

The existing strategic investor and ERP provider Abacus has once again participated in the funding round. «Abacus has already benefited significantly from Yapeal’s strategic focus on embedded finance solutions for corporate clients, initiated last year, and is convinced of the potential of their digital-first platform,» says Claudio Hintermann, CEO of Abacus.

Three New Anchor Investors

Three new anchor investors—Dominik Bollier, Christoph Burkhard, and Markus Granziol—have also come on board. In addition, Bollier and Burkhard have been appointed to Yapeal’s Board of Directors.