India: Fintech startup Yap raises $10m led by Flourish Ventures, Omidyar

Photo by Josh Appel on Unsplash

Fintech startup Yap has raised $10 million in its Series B round, co-led by Flourish Ventures and Omidyar Network India.

Yap’s existing investors Beenext, 8i Ventures, DMI Group also participated in the financing round. This is the second fundraising for Yap in less than a year, reflecting the growing potential of business-to-business fintech infrastructure companies. The Chennai-based startup had raised $4.5 million in April last year as part of its Series A round.

Yap’s Application Programming Interface (API) platform enables digital platforms, fintech companies, and offline businesses to bring customised solutions to their end users by connecting them with other fintech platforms and non-banking finance companies.

“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 fintechs looking to embed financial products into their user journey,” said Madhusudanan R, co-founder, Yap.

The funds will be used to strengthen the technology teams, build new capabilities as well as reach new markets across Asia, added Madhusudanan.

Yap serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand and the Philippines and plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam 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.

“We believe that Digital Enablers such as Yap can catalyze financial inclusion and drive usage of financial products across the 500 million Indians expected to come online for the first time via their mobile phones” said Amol Warange, Director, Omidyar Network India.

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.