Digital Banking Startup YAP Raises $41 Million
Digital Banking Startup, YAP is an innovative financial application providing you with intelligent tools
that give you total control of your finances. It was launched back in 2021 and was partnered with Emirati lender RAK Bank to be the UAE’s first independent digital banking platform. It is the most innovative digital banking app that encourages healthy spending habits. Furthermore, YAP is all set to make its way to Pakistan, Egypt, Saudia, and Ghana.
Digital Banking Startup Yap To Expand In Saudia Arabia
According to recent reports, Yap had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans. YAP is now planning to expand the business into Saudi Arabia, Egypt, Pakistan, and Ghana. The Chief Executive and co-founder Marwan Hachem revealed in an interview that they will use their funds for the expansion of their business. They further unveiled that they intend to complete Series A by the end of the year.
The investors of the business included Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group, and Audacia Capital. YAP has partnered with Bank AlJazira in Saudi Arabia recently. It is going to soft-launch in October before going fully live in the first quarter of next year.
YAP Managing Director and co-founder Anas Zaidan stated that:
“That’s a very important step for us because we believe Saudi Arabia is one of the biggest markets in the Middle East.”
YAP has planned to launch by the end of the year in Pakistan and Ghana as well. Its services are at present being piloted in Pakistan and Ghana. It intends to target serving the significant remittance market of Pakistani workers employed in the Gulf who send billions of dollars to home each year. The co-founder Hachem also said that:
“We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank, we are going to apply to the central bank.”
Hopefully, next year, it will make its way to Egypt, the most populous Arab nation. YAP has signed up over 130,000 users to its app so far. The platform is working quite hard to expand its business. It’s a very good initiative for providing the users with a platform where they can experience healthy spending habits.
Also Read: E-Triangle Startup Wins ‘Clean Tech Innovation Challenge 2022’
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