Chennai-Based Fintech Startup Yap Raises $10 Million In Series B Funding
Yap, a Chennai-based fintech startup, has raised $10 million in its Series B round co-led by Flourish Ventures and Omidyar Network India.
The funding round also saw participation from Yap’s existing investors Beenext, 8i Ventures, and DMI Group. Yap had raised $4.5 million in April last year as part of its Series A round.
As per the startup, it will use the funds to strengthen the technology teams, build new capabilities as well as reach new markets across Asia.
Started by Madhusudanan R and Prabhu Rangarajan, Yap claims to be transforming the financial ecosystem with turbulence-free flows.
The startup’s Application Programming Interface (API) platform enables fintech companies, digital platforms, and offline businesses to bring customised solutions to their end-users by connecting them with other fintech platforms and non-banking finance companies.
Talking about the platform, Madhusudanan R, co-founder of Yap, said,
“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.”
The Chennai-based startup serves companies in India, Nepal, UAE, Australia, New Zealand and the Philippines. Yap is planning to expand to Bangladesh, Oman, Egypt, Saudi Arabia, Vietnam and Indonesia.
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