Digital banking YAP raises USD 41 mln

Monday 4 July 2022 11:28 CET | News

UAE-based digital banking startup YAP has raised USD 41 million in funding and aims to raise another USD 20 million to expand.

The series A funding round included investors such as Aljazira Capital, Astra Group, and Audacia Capital, with the startup willing to complete the round by the end of 2022. According to YAP, the new funds will be used to further expand its business into four key MENA markets – Saudi Arabia, Egypt, Pakistan, and Ghana.

The company received its electronic money institutions (EMI) license in Pakistan and a PSP license in Ghana and Saudi Arabia and will use these certificates to apply to the central bank.

YAP was launched in 2021 has partnered with RAK Bank, an Emirates-based lender to become the kingdom’s first independent digital banking platform. In Saudi Arabia, the startup has partnered with Bank AlJazira and will soft-launch in October 2022, before going live in Q1 2023. 

The company counts for over 130,000 users so far and hopes to double the numbers with its latest MENA expansion plans. 

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Keywords: expansion, PSP, digital banking, digital payments, funding, crowdfunding, startup, EMI licence
Categories: Payments & Commerce
Companies: YAP
Countries: Egypt, Ghana, Pakistan, Saudi Arabia
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Payments & Commerce


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