India: Fintech platform YAP raises $4.5m led by SG-based VC firm BEENEXT

Photo: Pixabay

API fintech platform YAP on Tuesday said that it has raised $4.5 million as a part of its Series A round, led by Singapore-based venture capital firm BEENEXT.

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 also participated in the round.

In February, the Chennai-based startup had said it has raised 10 crore as part of its seed funding led by PineLabs’ CEO Amrish Rau.

The current round of funding will be used to strengthen the team, build technology and offer enhanced API products to fintechs which are focusing on enabling access to credit, corporate banking solutions, cross border payments and providing neo-banking solutions.

“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 Prabhu Rangarajan, co-founder, YAP.

Currently, YAP provides an API platform to more than 200 fintechs, and the company claims to have raised over $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 Dirk Van Quaquebeke, managing partner, BEENEXT.

“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.” commented Shivashish Chatterjee, co-founder, DMI Group.

Last week even, fintech infrastructure startup, Setu said it has raised $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.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.