Beenext-backed Indian fintech startup bags $10m in series B round

Yap, an India-based API fintech infrastructure provider, said it has raised US$10 million in a series B round co-led by Flourish Ventures and Omidyar Network India.

Beenext, 8i Ventures, DMI Group, the Sparkle Fund, and Better Capital also participated in the financing round.

The latest fundraising comes less than a year after Yap closed US$4.5 million in a series A funding round led by Singapore-based VC firm Beenext in April 2020. The fintech firm had also secured US$1.3 million in seed funding in February last year.

Yap co-founder and CEO Madhusudanan R / Photo credit: Yap

Founded in 2014, Yap’s modular API platform enables digital platforms, fintech companies, and offline businesses to bring customized solutions to their end-users.  This is done by connecting them with other fintech platforms and payment infrastructure such as India’s Unified Payments Interface, incumbent banks, and non-bank financial companies.

Yap claimed that over 300 businesses, from fintech companies to financial institutions, have leveraged its platform to date. Some of its clients include Ola, Cred, Razorpay, and Finin, among others.

The company will use the new funds to strengthen its technology teams and build new capabilities, as well as reach new markets across Asia, including Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam, and Indonesia, according to Yap co-founder and CEO Madhusudanan R.

It currently serves companies in India, Nepal, the United Arab Emirates, Australia, New Zealand, and the Philippines.

“The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our API capabilities,” said its CEO. “On one end, we have over 20 banks accelerating their efforts to partner. On the other end we have over 300 brands and fintech companies looking to embed financial products into their user journey.”