YAP, the leading fintech disrupting the digital banking experience in the Middle East, Africa, and South Asia, announced today that it had received a $41 million investment to fund its operations and growth from Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group, and Audacia Capital.
The Dubai-based fintech has also expanded into Saudi Arabia, Egypt, Pakistan, and Ghana, where it continues to provide its signature simple digital user interface, which provides a comprehensive view of a consumer’s spending analytics, simple ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals, and transfers. The app is intended to change the way people bank in the region by requiring no minimum balance and providing a plethora of money and financial service tools. In addition, the app provides a virtual card for safe online shopping. Through the YAP Store, the YAP Financial Marketplace, and the YAP Hub, YAP is developing a new multi-currency offering; products for children and households, equity trading, loans, and buy now pay later.
YAP has over 130,000 users signed up for the app since its launch in 2021, a record number in the region, and plans to close its Series A by the end of the year. Its ability to be at the forefront of innovation and strategic digital advancement has resulted in collaboration with Bank AlJazira to launch consumer and business banking platforms in Saudi Arabia.
YAP has also received regulatory approval to offer similar services in Pakistan and Ghana and plans to launch in Egypt soon.
Commenting on the development, Marwan Hachem, Group CEO and Co-founder of YAP said, “YAP continues to redefine the fintech sector in the region and our robust product development pipeline reflects the growing needs of our customers. The interest that we have received from investors shows that there is a strong demand for fintech products, and we remain committed to making digital banking enjoyable and easy for our customers. There is incredible demand for fintech products in the region and we are well placed to be a market leader to address these needs.”
“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,” YAP Co-founder and Managing Director, Anas Zaidan said. “The momentum and growth we have seen since our launch validate 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.”