Dubai-based start-up YAP, which operates a digital banking app, has raised $41 million to fund its expansion in the Middle East, Africa and South Asia.
The new investment came from Saudi Arabia's Aljazira Capital alongside other investors including Abu Dawood Group, Astra Group and Audacia Capital, the company said in a statement on Monday.
The fintech firm launched last year a digital banking platform, which now has more than 130,000 users. The app provides a complete view of a consumer's spending analytics and ways to transfer money, pay bills and make purchases. Users are not required to maintain a minimum balance in their account.
The start-up intends to complete its Series A funding by the end of the year and use the new capital to support its expansion and growth in Saudi Arabia, Egypt, Pakistan and Ghana.
It said it has partnered with Bank AlJazira to launch its consumer and business platforms in Saudi Arabia and received regulatory approval in Pakistan and Ghana to offer similar services. It also plans to launch in Egypt soon.
(Writing by Cleofe Maceda; editing by Seban Scaria)