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NEW DELHI: Fintech start-up Yap has raised $ 10 million through its Series B, co-led by Flourish Ventures and Omidyar Network India.
Existing investors from Yap Beenext, 8i Ventures, DMI Group also participated in the financing round. This is the second fundraising for Yap in less than a year, reflecting the growing potential of B2B Fintech infrastructure companies. The Chennai-based startup raised $ 4.5 million in April last year as part of its Series A.
Yap’s Application Programming Interface (API) platform enables digital platforms, fintech companies and offline businesses to deliver personalized solutions to their end users by connecting them to other platforms of financial technology and non-bank financial companies.
“The favorable winds from the pandemic have given our business a boost with the widespread adoption of our API capabilities. At one end of the spectrum, we have over 20 banks stepping up their partnership efforts; at the other end of the spectrum, we have over 300 brands and fintechs looking to integrate financial products into their user journeys, ”said Madhusudanan R, co-founder of Yap.
The funds will be used to strengthen technology teams, build new capacity and reach new markets across Asia, Madhusudanan added.
Yap serves companies in India, Nepal, United Arab Emirates, Australia, New Zealand and the Philippines and plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.
“Yap is our first investment in an integrated finance infrastructure in India, in line with our principles of equitable finance to foster a more inclusive economy,” said Anuradha Ramachandran, Director of Investments at Flourish Ventures.
“We believe that digital enablers like Yap can catalyze financial inclusion and boost the use of financial products among the 500 million Indians who are expected to log in for the first time through their mobile phones,” said Amol Warange, Director of Omidyar Network India.
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