Dubai-based fintech YAP raises $41m to fuel growth

Dubai-based fintech YAP has raised $41m to fund its operations and growth.

The latest investment comes from Saudi Arabia’s Aljazira Capital alongside investments from Abu Dawood Group, Astra Group, and Audacia Capital.

The company plans to complete its Series A by the end of the year, while more than 130,000 users have signed up for the app since its launch in 2021.

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YAP has also partnered with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia. Meanwhile, it received regulatory approval in Pakistan and Ghana to offer similar services in those countries and plans to launch in Egypt soon, a statement said.

“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,” said YAP co-founder and group CEO Marwan Hachem.

YAP offers a digital user interface that provides a holistic view of a consumer’s spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals, and transfers.

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.

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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.

“The momentum and growth we have seen since our launch validates 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,” said YAP co-founder and managing director Anas Zaidan.