Dubai-based fintech YAP in talks to raise further $20m
Dubai-based fintech start-up YAP is in talks with investors to raise an additional $20 million as it looks to finance its expansion plans in Africa and South Asia, Arabian Business reports.
YAP group CEO Marwan Hachem told Arabian Business: “Our goal is to raise another $20 million before completing our Series A round by the end of this year. We are talking to several local and international VC funds.”
If completed, the new funds will take the firm’s total Series A raise to $61 million.
That funding was secured from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group and Audacia Capital.
The start-up’s digital banking app offers budgeting and spending analytics tools, card controls, easy money transfers and real-time notifications of purchases, as well as debit, pre-paid and virtual cards.
YAP says more than 130,000 users have signed up for its app since its launch in 2021, a record number in the region.