The company revealed that it would be using the fresh funding to push ahead in expanding into Saudi Arabia, Egypt, Pakistan and Ghana
UAE FinTech YAP is gearing up to expand into the Egyptian market after raising $41 million in funding on Monday, reports Reuters.
“YAP continues to redefine the FinTech sector in the region and our robust product development pipeline reflects the growing needs of our customers,” said co-founder and CEO Marwan Hachem. “There is incredible demand for FinTech products in the region and we are well placed to be a market leader to address these needs.”
YAP, an independent digital banking platform in the UAE, provides users with a digital user interface that displays provides a complete view of a consumer’s spending analytics, easy ways to transfer money and pay bills, and real-time notifications of purchases, withdrawals, and transfers. It also offers a virtual card for secure online shopping.
The company revealed that it would be using the fresh funding to push ahead in expanding into Saudi Arabia, Egypt, Pakistan and Ghana.
“We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia,” explained Hachem.
YAP currently has pilots in Pakistan and Ghana, aiming to fully launch in those 2 countries by the end of the year. The company also aims to raise another $20 million to further push its expansion, and added that it intends to close a Series A round by the end of 2022.
The funding round was led by Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.