NEW DELHI: Fintech startup Yap has raised $ 10 million in its Series B round, co-directed by Flourish Ventures and Omidyar Network India.
Investors Yap Beenext, 8i Ventures, DMI Group also participated in the funding round. This is the second fundraiser for Yap in less than a year, reflecting the growing potential of business-to-business fintech infrastructure companies. The Chennai-based startup raised $ 4.5 million in April last year as part of its Series A tour.
Yap’s application programming interface (API) platform enables digital platforms, fintech companies, and offline businesses to provide customized solutions to their end users by connecting them to other fintech platforms and non-banking financial companies.
“The tails from the pandemic have provided insight into our arm by embracing our API capabilities across the board. At one end, we have over 20 banks accelerating their efforts to become partners; at the other end we have more than 300 brands and fintechs looking to integrate financial results into their user journey, ”said Madhusudanan R, co – founder, Yap.
The money will be used to strengthen the technology teams, build new capabilities as well as reach new markets across Asia, Madhusudanan said.
Yap serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines and plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.
“Yap is our first investment in rooted financial infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,” said Anuradha Ramachandran, Director of Investment, Flourish Ventures.
“We believe that Digital Enablers such as Yap can capture financial inclusion and drive the use of financial products across the 500 million Indians expected to come online for the first time through the phones- mobile “said Amol Warange, Director, Omidyar Network India.