Amritsar, NFA Post: In its Series B round of funding, Fintech startup Yap has raised $10 million. The funding round was co-led by Flourish Ventures and Omidyar Network India.
The financing round also saw participation from Yap’s existing backers Beenext, 8i Ventures, and DMI Group.
This is the Cehnnai-based startup’s second fundraising in less than a year. In April 2020, the startup had raised $4.5 million as part of its Series A funding round.
The funds will be utilised to strengthen the technology teams, build new capabilities as well as reach new markets across Asia, Yap Co-Founder Madhusudanan R. said.
Yap’s Application Programming Interface (API) platform enables digital platforms, fintech companies, and offline businesses to bring customised solutions to their end users by connecting them with other fintech platforms and non-banking finance companies.
The startup caters to companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines and also plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.
“The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our API capabilities. 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 into their user journey,” Madhusudanan said.
Flourish Ventures’ Investments Director Anuradha Ramachandran said that this is the company’s first investment in embedded finance infrastructure in India and it aligns with the company’s principles of Fair Finance to foster a more inclusive economy.
“We believe that Digital Enablers such as Yap can catalyse financial inclusion and drive usage of financial products across the 500 million Indians expected to come online for the first time via their mobile phones,” Omidyar Network India Director Amol Warange said.