Fintech platform YAP raises $4.5 million in Series A funding
- IBEF
- April 23, 2020
API fintech platform YAP has raised US$ 4.5 million as a part of its Series A round, led by Singapore-based venture capital firm BEENEXT.
The other participant in this round includes 8i Ventures Fund, The DMI Group via its AIF vehicle The Sparkle Fund, Better Capital, and angel investors Alok Mittal, CEO, Indifi, Ashneer Grover, CEO, BharatPe, Amrish Rau, CEO, PineLabs, Jitendra Gupta, founder, Jupiter and Abhishant Pant, founder, Fintech Meetup.
The Chennai-based startup, in February 2020 has raised Rs 10 crore (US$ 1.43 million) as part of its seed funding led by PineLabs’ CEO Amrish Rau.
This current round of funding will be utilised to strengthen the team, build technology and provide enhanced API products to fintechs which are targeting on enabling access to credit, corporate banking solutions, cross border payments and providing neo-banking solutions.
YAP supports businesses to connect and roll out their own branded products. It works with banks and financial institutions as product providers and offers end-to-end program management services over a bundle of APIs (application program interface).
“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," said Mr Prabhu Rangarajan, co-founder, YAP.
Presently, YAP offers an API platform to more than 200 fintechs, and the company claims to have raised over US$ 1 million in angel financing earlier this year.
“I have been actively looking for a “fintech anywhere" Platform Company in India for the past 12 months and I was very pleased when I met Madhu, Muthu and Prabhu and heard about their very unique founding journey. We agreed very quickly to partner and invest," said Mr Dirk Van Quaquebeke, managing partner, BEENEXT.
An early-stage investment was made by BEENEXT in several fintech startups including - BharatPe, OpenBank, Shubloans, and SafeGold.
“YAP has played a crucial role in the evolution of the fintech ecosystem in India. As a provider of digital payments infrastructure, it is very well-placed to benefit from the continuing adoption of digital finance channels by Indian households and companies." Added Mr Shivashish Chatterjee, co-founder, DMI Group.
Fintech infrastructure startup, Setu has raised US$ 15 million as a part of its Series A funding round, led by Falcon Edge and Lightspeed Venture Partners US along with existing investors Lightspeed India Partners and Bharat Inclusion Seed Fund last week.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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