Funding updates

Fintech startup YAP raises $10 million.

Fintech startup YAP has raised $10 million in Series B funding that was co-led by Flourish Ventures and Omidyar Network India at an undisclosed valuation. YAP’s existing investors—Beenext, 8i Ventures, and Better Capital—also participated in the financing round.

 

This is the second fundraising for YAP in less than a year. The Chennai-headquartered startup had raised $4.5 million as part of its Series A round in April 2020.

The six-year-old company specializes as an Application Programming Interface (API) provider for banks, startups, and consumer internet companies. The latest capital will be used to expand to international markets and strengthen the team through fresh recruitments.

 

YAP currently serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand, and the Philippines. It plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam, and Indonesia, said Madhusudanan R, the co-founder at  YAP.

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,” Madhusudanan said.

The company caters to around 20 banks in India including ICICI Bank, Yes Bank, and RBL Bank, and several leading consumer internet startups such as Ola and PaisaBazaar.

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