UAE digital banking app YAP raises $41m to expand into new markets – The National

UAE digital banking app YAP raises $41m to expand into new markets – The National

UAE-based financial technology start-up and digital banking app YAP has raised $41 million as it seeks to expand into new markets and enhance its technology offerings.

The funding round was led by Saudi Arabia-based investment company Aljazira Capital. Global investment conglomerate Abu Dawood Group, Saudi Arabia's Astra Group, Dubai-based private equity business Audacia Capital and family offices also participated in the funding round, the company said in a statement on Monday.

The FinTech platform, which was launched in 2021 in partnership with RAKBank and has more than 130,000 users signed up on its app, plans to complete its Series A funding by the end of the year, it added.

“YAP continues to redefine the FinTech sector in the region,” said Marwan Hachem, co-founder and group chief executive of YAP.

“The interest that we have received from investors shows that there is a strong demand for FinTech products.”

Demand for digital payments and other FinTech services has grown due to the onset of the coronavirus pandemic, as more people use online banking services to transfer money and pay for e-commerce transactions.

FinTech funding worldwide surged 68 per cent annually to $210 billion in 2021, a report by consultancy KPMG showed in March.

A record 5,684 deals were