YAP, a fintech startup that provides an API platform for banking and payments in Asia, has reportedly secured USD 10 million during a Series B funding round co-led by Omidyar Network India as well as Flourish Ventures.

Existing investors Better Capital and Beenext, 8i Ventures also participated in the event. It is worth noting that YAP had previously held a Series A funding round in April 2020, and successfully raised USD 4.5 million.

The Chennai-based company is an Application Programming Interface (API) provider for consumer internet companies, banks, and startups. The freshly raised capital will reportedly be utilized for penetration in international markets and recruitment of fresh talent to strengthen the team.

Co-founder of YAP, Madhusudanan R was quoted saying that the six-year-old company has expanded its service reach to the United Arab Emirates, the Philippines, Australia, New Zealand, and Nepal. The fintech firm is planning to broaden its horizons to Bangladesh, Vietnam, Indonesia, Oman, Saudi Arabia, and Egypt, he added.

Madhusudanan R further added that YAP is well equipped to expand its customer base as more and more firms incorporate financial services into their digital platforms. The investment will enable technology teams to build new capabilities and reach new markets across Asia.

The move has been strategically played at a time when the novel coronavirus pandemic has accelerated India’s fintech sector and made it a lucrative investment option for investors.

Investments Director of Flourish Ventures, Anuradha Ramachandran reportedly claimed that YAP is their first investment in embedded finance infrastructure in India, which aligns with their principles of Fair Finance.  She further added that YAP provides a platform on which fintech companies can build new cases while cost-effectively delivering financial services.

Meanwhile, the Director of Omidyar Network India, Amol Warange mentioned that India’s digital finance platform is growing at a fast pace, creating several expansion opportunities for YAP.

API providers such as YAP can effectuate financial inclusion and promote the use of financial products for the 500 million Indians expected to access the internet for the first time on their mobile phones.

Source Credit –

https://economictimes.indiatimes.com/tech/funding/fintech-startup-yap-raises-10-million-in-series-b-funding/articleshow/81522068.cms