YAP, which claims to be the leading Fintech “revolutionizing” the digital banking experience in the MENA region and South Asia, has raised $41 million “to fund its operations and growth.”
The latest investment round includes contributions from Saudi Arabia’s Aljazira Capital alongside 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 in 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.”
YAP continues “to redefine the fintech sector in the region and [their] robust product development pipeline reflects the growing needs of [their] customers.” The interest that they have received from investors “shows that there is a strong demand for fintech products.”
YAP Co-founder and Group CEO Marwan Hachem added:
“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 Co-founder and MD Anas Zaidan remarked:
“We are delighted to see the consumer, regulatory and investment community have a positive response to the launch of our products and services and we would like to thank our investors for their trust and support. 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,”
YAP claims that it 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.”
With an extensive database of resources at their fingertips, users can “go from financially inexperienced to expert money managers.”
YAP partners “with banking partners in various regions to provide IBAN and BIN sponsorship for users.”
YAP is “available to download on iOS and Android devices.”