Yap raises $4.5 million in Series A round, plans overseas expansion

Yap, the application programming interface (API) platform startup, has raised $4.5 million in its Series A round led by Dirk van Quaquebeke of Beenext along with 8i Ventures Fund, DMI Group, The Sparkle Fund and Better Capital.

Angel investors such as Alok Mittal, Ashneer Grover, Amrish Rau, Jitendra Gupta and Abhishant Pant have also participated.

This round has taken place on the back of its seed funding of a million dollars that happened earlier this year. The platform had been bootstrapped since inception. Armed with the new funds, the company is planning to expand its operations to other Asian countries.

The company said that it would use the funds to expand the team, strengthen the technology stack and offer enhanced API products to fintech with a specific focus on enabling access to credit, corporate banking solutions, cross border payments and the neo banking stack. Yap offers its platform to over 200 fintechs.

“Our platform is connected to 15 banks in India and by leveraging technology, we are accelerating the paradigm shift in ‘creating sachets’ 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 of Yap.

The five-year-old company closed the last financial year with a 400 percent revenue growth and processed over $2 billion in annual payments with millions of users through their fintech partners.

“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,” said Dirk Van Quaquebeke, managing partner at Beenext.