Dubai-based fintech YAP in talks to raise further $20m

Dubai-based fintech start-up YAP is in talks with investors to raise an additional $20 million as it looks to finance its expansion plans in Africa and South Asia, Arabian Business reports.

YAP is in talks with investors to raise a further $20m

YAP group CEO Marwan Hachem told Arabian Business: “Our goal is to raise another $20 million before completing our Series A round by the end of this year. We are talking to several local and international VC funds.”

If completed, the new funds will take the firm’s total Series A raise to $61 million.

The fintech raised an initial $41 million in July to support its growth as it looks to expand its operations following regulatory approval in Pakistan and Ghana.

That funding was secured from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group and Audacia Capital.

The start-up’s digital banking app offers budgeting and spending analytics tools, card controls, easy money transfers and real-time notifications of purchases, as well as debit, pre-paid and virtual cards.

YAP says more than 130,000 users have signed up for its app since its launch in 2021, a record number in the region.