Indian fintech startup YAP to expand in Saudi, Vietnam, Bangladesh
Recently, YAP raised, $10 million in series B funding round, which was led by Flourish ventures and Omidyar network, India.
YAP, specialises in Application Programming Interface (API) provider for banks, startups and consumer internet companies. By doing so, financial solution providers can develop and rollout payment solutions. The capital raised will be used to expand the international markets.
The current investors of YAP include Beenext, 8i ventures and Better Capital.
YAP currently serves companies in India, Nepal, UAE, Australia, New Zealand and Philippines. “We plan to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia,” said Madhusudanan R, co- founder, YAP.
In April 2020, in its first round of the fundraising the startup had raised $45 million.
“We are uniquely poised to cater to new cohorts of distributors as more firms embed financial services into their digital platforms. This investment allows us to strengthen our technology teams, build new capabilities as well as reach new markets across Asia,”added Madhusudanan.
YAP has partnered with 20 banks in India including ICICI Bank, Yes Bank, RBL Bank to name a few and various consumer leading internet startups such as OLA, Paisa Bazaar, CRED and others.
“YAP is our first investment in embedded finance infrastructure in India, aligning with our principals of Fair Finance to foster a more inclusive economy,” said Anuradha Ramachandran, investments director, Flourish Ventures.
The investment coming at the time of the COVID-19 pandemic when everyone is shifting to the virtual world will come across as a great help to India’s fintech sector. Added the report.
“We believe that digital enablers such as YAP can catalyse financial inclusion and drive usage of financial products across the next 500 million Indians expected to come online for the first time via their mobile phones,” said Amol Warange, director, Omidyar Network, India.