YAP raises $10 million in Series B funding round
Mumbai: Fintech infrastructure provider YAP has raised $10 million in its Series B round co-led by Flourish Ventures and Omidyar Network India.
According to YAP, its existing backers BEENEXT, 8i Ventures, DMI Group, and Better Capital also participated in the round. BEENEXT had led a $4.5 million Series A round in the Chennai-based startup in April, last year.
While YAP did not disclose further details of the transaction, the company’s regulatory filings show that it will allow 1,35,342 Series B preference shares at an issue price of Rs 4,955 per share to raise Rs 67.06 crore.
YAP enables businesses and platforms to offer their own branded financial services through partnerships with fintech companies while ensuring regulatory compliance. YAP’s API platform brings customized solutions to their end-users by connecting them with other fintech platforms, payment infrastructures such as UPI, banks, and NBFCs.
The company claims to have over 20 banking partners and more than 300 brands and fintech looking to embed its financial products. Currently, its infrastructure serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand, and the Philippines. Its API products have been utilized by top technology companies such as Ola, CRED, Razorpay, and Finin.
Led by Madhusudanan R, the six-year-old startup further intends to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam, and Indonesia. Besides institutional investors, YAP has also raised funds from angels such as Kunal Shah, Alok Mittal, Ashneer Grover, Amrish Rau, and Jitendra Gupta.
