Yap Funding: Digital banking startup YAP raises $41M to expand in Saudi Arabia

YAP, a digital bank in the United Arab Emirates, said Monday it has raised $41 million in funding and plans to raise about $20 million more to fund its expansion plans.

Investors have so far included Saudi ArabiaAljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. JP stated that he intends to complete Serie A by the end of the year.

YAP will use the funds to expand business in Saudi Arabia, Egypt, Pakistan and Ghana, CEO and co-founder Marwan Khachem said in an interview.

“We have just obtained an EMI (electronic money institution) license in Pakistan and a PSP (payment service provider) in Ghana, the same in Saudi Arabia. Together with the bank, we are going to apply to the central bank,” Hachem said.

Launched in 2021, YAP, in partnership with Emirati lender RAK Bank, has become UAEthe first independent digital banking platform.

According to YAP Managing Director and Co-Founder Anas Zaydan, the company is partnering with AlJazira Bank in Saudi Arabia, where it will launch in October and then be fully operational in the first quarter of next year.

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“This is a very important step for us because we believe that Saudi Arabia is one of the biggest markets in the Middle East.”

YAP plans to launch by the end of the year in Pakistan and Ghana, where its services are currently in a pilot phase, and next year in Egypt, the most populous Arab country.

CEO Hachem said YAP will aim to serve the sizable remittance market of Pakistani workers working in the Gulf countries, who send billions of dollars home every year.

YAP has registered more than 130,000 users on its app so far, according to the digital bank.

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