Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others

Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others

RIYADH: The UAE’s fintech YAP, a leading digital banking platform, has raised $41 million in a funding round led by Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. The company plans to complete series A funding by the end of the year and use the funds to expand its regional footprint, it said in a statement. It recently partnered with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia. “There is incredible demand for fintech products in the region, and we are well placed to be a market leader to address these needs,” said Marwan Hachem, co-founder and group CEO of YAP, in the statement. The company has also received regulatory approval in Pakistan and Ghana to offer similar services and plans to soon launch in Egypt. YAP offers users a simple interface with a complete view of consumer spending analytics and easy ways to transfer money and pay bills. With no minimum balance required, the app also provides customers with real-time notifications of purchases, withdrawals, and transfers. YAP’s product development pipeline includes a new multicurrency offering, products for children and households, equity trading, loans and buy-now-pay-later options through the YAP Store,