FinTech startup YAP has raised $4.5 million in its Series A funding round led by BEENEXT, a Singapore-based venture capital firm.
Founded by Madhusudanan R, Muthukumar A and Prabhu R, this Chennai-based API platform is the largest API platform for Banking & Payments in Asia and provides ‘turbulence-free money flow’.
As per the company, it will use the funds to strengthen its team and build technology.
The startup also aims to provide enhanced API products to fintech which are emphasising corporate banking solutions, neo banking solutions enabling access to credit, and cross border payments.
Talking about their platform and the benefits it provides, Prabhu Rangarajan (YAP Co-founder) said,
“Our platform is connected to 15 banks in India and by leveraging technology we are accelerating the paradigm shift in sacheting of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers.”
Presently providing API based financial services to 200+ FinTechs, the company claimed that it closed the last financial year with a 400% revenue growth.