Fintech startup Yap has raised $10 million in its Series B round, co-led by Flourish Ventures and Omidyar Network India.
Yap’s existing investors 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 business-to-business fintech infrastructure companies. The Chennai-based startup had raised $4.5 million in April last year as part of its Series A round.
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 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,” said Madhusudanan R, co-founder, Yap.
The funds will be used to strengthen the technology teams, build new capabilities as well as reach new markets across Asia, added Madhusudanan.
Yap serves companies in India, Nepal, the 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 embedded finance infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,” said Anuradha Ramachandran, Investments Director, Flourish Ventures.
“We believe that Digital Enablers such as Yap can catalyze 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” said Amol Warange, Director, Omidyar Network India.