YAP, a digital financial institution within the United Arab Emirates, mentioned on Monday it had raised $41 million in funding and focused elevating one other roughly $20 million to finance its growth plans.
The buyers to this point included Saudi Arabia‘s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP mentioned it intends to finish it Collection A by the top of the yr.
YAP will use the funds to develop the enterprise into Saudi Arabia, Egypt, Pakistan and Ghana, Chief Govt and co-founder Marwan Hachem mentioned in an interview.
“We simply acquired the EMI (digital cash establishments) license in Pakistan and PSP (cost service supplier) in Ghana, identical factor in Saudi Arabia. Along with the financial institution we’re going to apply to the central financial institution,” Hachem mentioned.
YAP, launched in 2021, partnered with Emirati lender RAK Financial institution to be the UAE’s first unbiased digital banking platform.
It has partnered with Financial institution AlJazira in Saudi Arabia, the place it should soft-launch in October earlier than going absolutely reside within the first quarter subsequent yr, YAP Managing Director and co-founder Anas Zaidan mentioned.
“That is a vital step for us as a result of we imagine Saudi Arabia is likely one of the largest markets within the Center East.”
YAP plans to launch by the top of the yr in Pakistan and Ghana, the place its providers are at current being piloted, and subsequent yr in Egypt, essentially the most populous Arab nation.
CEO Hachem mentioned YAP would goal serving the numerous remittance market of Pakistani staff employed within the Gulf who ship billions of {dollars} residence every year.
YAP has to this point signed up over 130,000 customers to its app, the digital financial institution mentioned.
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