Dubai’s digital-banking startup YAP raises $41mn to fuel growth plans

By Arya M Nair, Intern Reporter
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YAP
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Dubai-based YAP, the leading fintech revolutionizing the digital banking experience in the Middle East, Africa, and South Asia, has raised $41 million to fund its operations and growth.

The latest investment comes from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group, and Audacia Capital. It plans to complete its Series A by the end of the year. More than 130,000 users have signed up for the app since its launch in 2021, a record number in the region.

In addition to the record number of users on the platform, YAP’s ability to be at the forefront of innovation and strategic digital advancement has led to a partnership with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia. YAP has also received regulatory approval in Pakistan and Ghana to offer similar services in those countries and plans to soon launch in Egypt.

Marwan Hachem
Marwan Hachem
Co-founder & Group CEO
YAP

“YAP continues to redefine the fintech sector in the region and our robust product development pipeline reflects the growing needs of our customers. 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. There is incredible demand for fintech products in the region and we are well placed to be a market leader to address these needs.”

YAP offers a simple digital user interface that provides a complete view of a consumer’s spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals, and transfers. With no minimum balance required and a host of money and financial service tools, the app is designed to change the way people bank in the region.

The app also offers a virtual card for secure online shopping. YAP’s product development pipeline includes a new multi-currency offering, products for children and households, equity trading, loans and buy now pay later through the YAP Store, the YAP Financial Marketplace and the YAP Hub.

YAP is redefining the fintech sector in the Middle East, Africa, and South Asia by creating smarter and faster financial tools. The app offers a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchases, debit, pre-paid, virtual cards and more.

Related: UAE’s Pure Harvest raises $180.5mn in new funding round to fuel its expansion


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