Investors so far include Saudi ArabAljazeera Capital, Abu Dawood Group, Astra Group and Audasia Capital. bark said he intended to complete the Series A by the end of the year.
YAP will use the funds to expand businesses into Saudi Arabia, Egypt, Pakistan and Ghana, chief executive and co-founder Marwan Hachem said in an interview.
“We have got EMI (Electronic Money Institutions) license in Pakistan and PSP (Payment Service Provider) in Ghana, same thing in Saudi Arabia. With the bank we are going to apply to the central bank,” Hackem said.
YAP, launched in 2021, partnered with Emirati lender RAK Bank United Arab EmiratesIt is the first independent digital banking platform of India.
YAP managing director and co-founder Anas Zaidan said it has partnered with bank Aljazeera in Saudi Arabia, where it will soft-launch in October and go fully live in the first quarter of next year.
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“This is a very important step for us as we believe that Saudi Arabia is one of the largest markets in the Middle East.”
YAP plans to launch by the end of the year in Pakistan and Ghana, where its services are currently being piloted, and next year in Egypt, the most populous Arab country.
CEO Hakem said the YAP will aim to serve the vital remittance market of Pakistani workers employed in the Gulf who send billions of dollars home every year.
The digital bank said that YAP has so far signed up more than 130,000 users in its app.