YAP offers a suite of digital banking related services and has seen its user base rise to 130,000 plus. Image Credit: Shutterstock

Dubai: The digital banking focused fintech YAP has raised $41 million in additional funds from investors such as Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group, Audacia Capital and from family offices.

YAP, based in Dubai, has plans to complete its Series A round by the end of the year. More than 130,000 users have signed up for the app in since its launch in 2021, and that has found favour with the new investors.

“The interest that we have received from investors shows that there is a strong demand for fintech products, and we remain committed to making digital banking enjoyable and easy for our customers,” said YAP co-founder and Group CEO Marwan Hachem. 

There is incredible demand for fintech products in the region and we are well placed to be a market leader.

- Marwan Hachem, YAP co-founder and Group CEO

Pakistan and Egypt launch plans

YAP has received regulatory approval in Pakistan and Ghana to offer services in those countries, and plans to soon launch in Egypt. Through its interface, YAP can provide an overview of a consumer’s spending analytics, and options to transfer money and pay bills. A user will also get real-time notifications of purchases, withdrawals, and transfers.

The momentum and growth we have seen since our launch validates the need for the YAP platform throughout the region

- Anas Zaidan of YAP

There is no minimum balance that’s required. The app also offers a virtual card for online shopping. The YAP product development pipeline includes a multi-currency offering, products for children and households, equity trading, loans and BNPL options through the YAP Store.

“We are delighted to see the consumer, regulatory and investment community have a positive response to the launch of our products and services,” said Anas Zaidan, who is a co-founder and Managing Director.

Banking tieups
YAP has alliances with banking partners to provide IBAN and BIN sponsorship for users.