CHENNAI– One of the Fintech Startup YAP has recently raised $10 million in series B round, co-led by Flourish Ventures and Omidyar Network India. The Chennai-based startup was already in news last year, when it was up with its series A round has raised $4.5 million in April 2020.
YAP was founded in 2014, and it is leading its way to multiple international boundaries, and recently stepped into Eastern-Egypt. It is expanding its business immensely and getting appreciation from all over the market players. YAP’s API (Application Programming Interface) enables digital platforms, other fintech companies, and even offline businesses to bring customized solutions to their end-users by connecting platforms and non-banking finance companies.
YAP’s existing partners namely Beenext, 8i Ventures, DMI group also participated in the financing round held by it in the current and last year. The ongoing growth of the startup is quite clear, as it went through with the second fundraising in less than a year, the potential of business-to-business (B2B) fintech infrastructure companies.
“The tailwinds from the pandemic presented a short time in the arm for our business with across-the-board adoption of our API capabilities. At one end, we have over 20 banks accelerating their efforts to partner; at the other end, we have over 300 brands and fintech looking to embed financial products into their user journey”.–Madhusudanan R, Co-founder, YAP
The extent of YAP services is spread over a number of nations namely New Zealand, India, Nepal, UAE (United Arab Emirates), Saudi Arabia, Oman, Egypt, Vietnam, and Indonesia, the Philippines, and also planning to expand to Bangladesh soon.
Meanwhile, the new investors said and enlightened the idea and motive of connecting with YAP and making it a more trustable venture to work with. It has been seen both the new investors Flourish ventures and Omidyar Network India are quite satisfied with the decisions and gladly looking forward to function together in the high-tech world with better offerings and solutions for users all over the world.
“Yap is our first investment in embedded finance infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,”Anuradha Ramachandran, Investments Director, Flourish Ventures
“We believe Digital Enablers such as Yap can catalyze financial inclusion and drive usage of financial products across the 500 million Indians expected to come online for the first time via their mobile phones”.Amol Warange, Director, Omidyar Network India
The good days commenced during the time of global pandemic due to Covid-19 and induced acceleration to digital finance has made India’s fintech one of the most lucrative investment avenues for investors. And with this YAP took its amazing leap, and grabbed the right opportunities at the right time.