YAP has raised $41 million to support its growth as it looks to expand its operations. The funding was secured from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group and Audacia Capital. The firm plans to complete its Series A by the end of the year. YAP says more than 130,000 users have signed up for its digital banking app since its launch in 2021, a record number in the region.
Alongside the funding, the company also announced a partnership with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia. YAP has also received regulatory approval in Pakistan and Ghana to offer similar services in those countries and plans to launch in Egypt soon. The start-up’s app offers budgeting and spending analytics tools, card controls, easy money transfers and real-time notifications of purchases, as well as debit, pre-paid and virtual cards.