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Dubai's YAP raises $41m to expand operations

Dubai's YAP raises $41m to expand operations
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UAE - Mubasher: Dubai-based YAP, a digital banking startup, has secured $41 million to expand its operations across several countries.

Saudi Arabia’s Aljazira Capital has participated in this funding, alongside Abu Dawood Group, Astra Group, and Audacia Capital, according to a press release on Monday.

YAP aims to boost the fintech sector in the region by launching smarter financial tools and offering many features, including analytics and budget tools, card controls, easy money transfers, real-time notifications of purchases, debit, pre-paid, and virtual cards.

The platform seeks to introduce its consumer and business banking services in Saudi Arabia, Pakistan, Ghana, and Egypt.

The Co-Founder and Group CEO of YAP, Marwan Hachem, said: "The interest that we have received from investors shows that there is a strong demand for fintech products, and we remain committed to making digital banking enjoyable and easy for our customers."

Meanwhile, the Co-founder and Managing Director of YAP, Anas Zaidan, commented: "The momentum and growth we have seen since our launch validates the need for the YAP platform throughout the region. We look forward to expanding into new markets and enhancing our offering in the months ahead with these investments."