Chennai-based YAP, an established API Fintech platform, has secured $4.5 million in capital through a Series A investment round, which was led by BEENEXT, a Singapore-based venture capital company.
Other individuals and organizations that took part in YAP’s latest round include: 8i Ventures Fund, The DMI Group through its alternative investment fund (The Sparkle Fund), Better Capital, and angel investors Alok Mittal, CEO at Indifi, Ashneer Grover, CEO at BharatPe, Amrish Rau, CEO at PineLabs, Jitendra Gupta, founder at Jupiter, and Abhishant Pant, founder at Fintech Meetup.
Earlier this year, YAP’s management had confirmed that it acquired ₹10 crore (appr. $13 million) in investments through a seed round led by Amrish Rau, CEO at PineLabs, a merchant platform company that offers financing and “last-mile” retail transaction technology.
The capital raised through the latest round will reportedly be used to grow YAP’s professional team, further develop the Fintech firm’s technology and provide API products to financial service providers that are focused on enabling access to credit, banking solutions, international border payments and offering various digital banking solutions.
YAP assists companies with connecting and launching their own branded products and services. The firm works cooperatively with banks and other financial service providers by helping them offer API-based, end-to-end program management platforms.
Prabhu Rangarajan, co-founder at YAP, stated:
“Our platform is connected to 15 banks in India and by leveraging technology, we are accelerating the paradigm shift in sacheting of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers.”
At present, YAP offers an API platform to over 200 Fintech firms. The company secured an additional $1 million+ in capital from angel investors this year.
Dirk Van Quaquebeke, managing partner at BEENEXT, noted:
“I have been actively looking for a ‘Fintech anywhere’ Platform Company in India for the past 12 months and I was very pleased when I met Madhu, Muthu and Prabhu and heard about their very unique founding journey. We agreed very quickly to partner and invest.”
BEENEXT has invested in several Fintech companies, including BharatPe, OpenBank, Shubloans, and SafeGold.
Shivashish Chatterjee, co-founder at DMI Group, remarked:
“YAP has played a crucial role in the evolution of the fintech ecosystem in India. As a provider of digital payments infrastructure, it is very well-placed to benefit from the continuing adoption of digital finance channels by Indian households and companies.”