YAP, a UAE-based digital banking startup, announced it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans.
Recent funding came from the investors so far including Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.
The United Arab Emirates-based startup has plans to expand the business into Saudi Arabia, Egypt, Pakistan, and Ghana, the Chief Executive and co-founder Marwan Hachem said in a recent interview.
YAP revealed it intends to complete its Series A by the end of the year.
“We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank, we are going to apply to the central bank,” Hachem said.
YAP, an innovative financial application, was launched back in 2021 in a partnership with Emirati lender RAK Bank to become the UAE’s first independent digital banking platform.
It provides total control of your finances through intelligent tools and encourages healthy spending habits.