India-based fintech firm Yap secures $10m in a round co-led by Flourish Ventures

India-based fintech firm Yap has raised US$10 million in its series B round led by Flourish Ventures and early-stage investment company Omidyar Network India.

Existing investors including Beenext, 8i Ventures, DMI Group’s Sparkle Fund, and Better Capital also participated in the financing round.

Yap founder Madhusudanan R / Photo credit: Yap

Launched in 2015, Yap helps digital platforms, fintech companies, and offline businesses offer customized solutions to users by connecting them with other financial institutions.

Yap’s products have been used by companies such as Ola, Cred, Razorpay, and Finin for services including bank accounts, term deposits, debt, credit, travel cards, quick-response code generation, and toll payments. It is also testing a credit card service, which is currently available only to select customers.

It plans to use the new funds to increase hiring in its existing markets Australia, New Zealand, the Philippines, and Nepal, and further develop its tech capabilities.

The company will hire over 150 new employees for roles in technology, compliance, business development, sales, and other segments. Half of the company’s new hires will be from the local markets, while the rest of the staff will be roped in from India.

“The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our application programming interface capabilities,” said Madhusudanan R, co-founder of Yap.

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Currently, the fintech firm has about 300 financial institutions on its platform, with over 12 million registered users. It aims to double the number of fintech startups leveraging its platform by the end of the year.