UAE’s YAP secures $41m to support continued expansion

Startup situated in Dubai In order to finance its expansion and support its growth, YAP has raised $41 million.

Aljazira Capital of Saudi Arabia provided the money, while important contributions came from the Abu Dawood Group, Astra Group, and Audacia Capital. By the end of the year, the company hopes to have finished its Series A.

Since its inception in 2021, YAP claims that more than 130,000 customers have downloaded its digital banking app, a record figure for the area. The company also disclosed a partnership with Bank AlJazira to establish its consumer and corporate banking systems in Saudi Arabia in addition to the funding.

In Ghana and Pakistan, YAP has also acquired regulatory authority to provide comparable services, and it soon hopes to do the same in Egypt. The start-up’s app provides real-time purchase notifications, card controls, simple money transfers, spending analytics tools, and debit, prepaid, and virtual cards.

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