The Saudi Arabian companies Aljazira Capital, Abu Dawood Group, Astra Group, and Audacia Capital have invested $41 million in the UAE-based fintech company YAP.
YAP is a digital banking app that was established in 2021 by Marwan Hachem and Anas Zaidan. It offers customer spending data as well as means to send money, settle accounts, and make transactions.
To finish its Series A by the end of the year, YAP plans to raise an additional $20 million. With that money, it will be able to expand its banking app to Saudi Arabia, Egypt, Pakistan, and Ghana.
The fintech firm launched last year a digital banking platform, which now has more than 130,000 users. The app provides a complete view of a consumer’s spending analytics and ways to transfer money, pay bills and make purchases. Users are not required to maintain a minimum balance in their accounts.
The new investment came from Saudi Arabia’s Aljazira Capital alongside other investors including Abu Dawood Group, Astra Group, and Audacia Capital, the company said in a statement on Monday.
It said it has partnered with Bank AlJazira to launch its consumer and business platforms in Saudi Arabia and received regulatory approval in Pakistan and Ghana to offer similar services. It also plans to launch in Egypt soon.
Source: BollyInside
