YAP, a digital banking app, raised $41 million from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group, and Audacia Capital.
The FinTech startup aims to use the capital to fund its operations and growth and they are planning to complete its Series A by the end of the year.
YAP also received regulatory approval in Pakistan and Ghana to offer similar services in those countries and plans to soon expand to Egypt.
“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,” said YAP Co-founder and Managing Director Anas Zaidan.
YAP offers a 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. The app also offers a virtual card for secure online shopping.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.