Dubai-based neobank YAP announced that it had raised US$41 million to fund its operations and growth.
The latest investment comes from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group, and Audacia Capital.
YAP said that it plans to complete its Series A by the end of the year.
The neobank added that more than 130,000 users have signed up for the app in since its launch in 2021.
It has also formed 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 soon launch in Egypt.
“YAP continues to redefine the fintech sector in the region and our robust product development pipeline reflects the growing needs of our customers.
The interest that we have received from investors shows that there is a strong demand for fintech products, and we remain committed to making digital banking enjoyable and easy for our customers,”
said Marwan Hachem, Co-founder and Group CEO of YAP.
“We are delighted to see the consumer, regulatory and investment community have a positive response to the launch of our products and services and we would like to thank our investors for their trust and support.
We look forward to expanding into new markets and enhancing our offering in the months ahead with these investments,”
said Anas Zaidan, Co-founder and Managing Director of YAP.
Featured image credit: YAP