YAP, the Chennai headquartered technology startup that offers application programming interfaced (API) platform focused on the financial services sector, has now secured $10 million in a Series B funding round led by the Omidyar Network India and Flourish Ventures.
YAP counts the investors as CRED founder Kunal Shah, and PayU India CEO Amrish Rau. BEENEXT, DMI Group, 8i Ventures, and Better Capital also participated in the funding round.
The startup will now going to use this new fresh funding to strengthen its technology teams, build new capabilities and explore some new markets across Asia. In the month of April 2020, YAP had secured $4.5 million in a Series A funding round.
According to the startup, the financial backing reflects the growth potential of business-to-business fintech infrastructure that connects the financial services embedded in consumer-facing platforms with the regulated bank balance sheets.
On the funding, YAP Co-founder Madhusudanan R 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 fintech looking to embed financial products into their user journey.”
YAP has a market presence in Nepal, India, Australia, Philipines, UAE, and New Zealand. It plans to expand to Saudi Arabia, Vietnam, Egypt, Bangladesh 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.