RIYADH: The UAE’s fintech YAP, a leading digital banking platform, has raised $41 million in a funding round led by Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.
The company plans to complete series A funding by the end of the year and use the funds to expand its regional footprint, it said in a statement.
It recently partnered with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia.
“There is incredible demand for fintech products in the region, and we are well placed to be a market leader to address these needs,” said Marwan Hachem, co-founder and group CEO of YAP, in the statement.
Marwan Hachem, co-founder and group CEO of YAP (Supplied)
The company has also received regulatory approval in Pakistan and Ghana to offer similar services and plans to soon launch in Egypt.
YAP offers users a simple interface with a complete view of consumer spending analytics and easy ways to transfer money and pay bills.
With no minimum balance required, the app also provides customers with real-time notifications of purchases, withdrawals, and transfers.
YAP’s product development pipeline includes a new multicurrency offering, products for children and households, equity trading, loans and buy-now-pay-later options through the YAP Store, the YAP Financial Marketplace, and the YAP Hub.
“The momentum and growth we have seen since our launch validate the need for the YAP platform throughout the region. We look forward to expanding into new markets and enhancing our offering in the months ahead with these investments,” Anas Zaidan, co-founder and managing director of YAP, said in the statement.
Since its launch in 2021, the platform has provided over 130,000 users with an extensive database of resources at their fingertips to become expert money managers.