back Back

FinTech start-up YAP raises $10 mn in Series B funding

By Leandra Monteiro

March 18, 2021

  • Flourish Ventures
  • India
Share

 

YAP, India, Funding, series B, fundraising, FinTechAccording to FinTech infrastructure provider YAP, the company has raised $10 million in its Series B round co-led by Flourish Ventures and Omidyar Network India. According to YAP, its existing backers BEENEXT, 8i Ventures, DMI Group and Better Capital also participated in the round.

This fund-raising round is the second for YAP in less than a year, which saw the participation of its existing investors BEENEXT, 8i Ventures and DMI Group. The Sparkle Fund and Better Capital also participated in the financing round. The FinTech start-up raised $4.5 million in its Series A round in April 2020.

Founded in 2015 the platform enables businesses and other platforms to offer their own branded financial services through partnerships with financial institutions or FinTech companies while ensuring regulatory compliance.

“The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our API capabilities,” YAP Co-founder Madhusudanan R said according to media reports.

“At one end, we have over 20 banks accelerating their efforts to partner; at the other end we have over 300 brands and fintechs looking to embed financial products.” The investment will allow the start-up to strengthen its technology teams, build new capabilities as well as reach new markets across Asia, he added.

“YAP is our first investment in embedded finance infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,” Anuradha Ramachandran, Investments Director, Flourish Ventures, was quoted as saying in media reports. “The YAP platform provides the rails on which fintechs and incumbents can build new cases for the underserved segment, while delivering financial services in a cost-effective way,” she added.

The company claims to have over 20 banking partners and more than 300 brands and FinTechs looking to embed its financial products. Currently, YAPs infrastructure serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines. According to the company, its API products have been utilised by top technology companies such as Ola, CRED, Razorpay and Finin.

Previous Article

March 18, 2021

Nets to boost fraud and dispute services for Lithuania-based Cardinity

Read More
Next Article

March 18, 2021

Currencies Direct completes £165 million dividend recapitalisation

Read More







Advertise with us



IBSi Daily News Analysis

FinTech future

May 17, 2022

Flourish Ventures

Keeping up in a crowded market requires FinTech collaborations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

BforBank selects Temenos on Google Cloud to power expansion

Read More

May 16, 2022

Token.io secures $40m investment to scale open banking payments in Europe

Read More

May 16, 2022

Gravystack raises $5.2m to launch gamified financial literacy banking platform

Read More

Related Reports

Sales League Table Report 2021

£ 1,500.00 / year

Know More
Emerging Technologies in Capital Markets

£ 500.00

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More