April 23, 2024

Investments & Exits

UAE-based FinTech YAP all set to Raise $20mn

In a recent development, UAE fintech start-up YAP is in discussions with investors and VCs to fund an extra $20 million, as it aims to fuel its plans for expansion in South Asia and Africa.

The idea is to raise an extra $20 mn after completion of Series A round before the year ends, observed YAP Chief Executive officer (CEO) Marwan Hachem. “We are in communication with numerous VC funds, both domestic and foreign. The additional funds, if successfully completed, would give the company’s Series A raise to reach $61 million”, he further added.

The FinTech company raised $41 mn initially in July to aid its business development after receiving a regulatory license in Ghana and Pakistan.

Aljazira Capital, a Saudi Arabian investment firm, provided that capital, along with substantial contributions from the Abu Dawood Group, Audacia Capital, and Astra Group.

The company’s digital banking solution includes pre-paid, debit and virtual cards along with real-time transaction notifications, card controls, simple money transfers, and tools for analyzing spending and creating budgets.

Since the application’s release in 2021, over 130,000 individuals have downloaded it, according to YAP.

World fintech news provides insightful analyses of the financial industry and keeps you up-to-date with the latest developments in fintech. To read more news and stories about fintech, visit https://worldfintechnews.com/.


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