YAP secured $4.5M in the Series A Funding backed by BEENEXT

YAP, a Chennai based API (Application Programming Interface) platform, has now secured $4.5 million in Series A funding round, reports LiveMint.

BEENEXT Capital led the latest funding round. Other participants in the round include Better Capital, 8i Venture Fund, The Sparkle Fund, The DMI Group, and some other angel investors.

YAP is an API platform for the Payment and Banking products in Asia that offers its financial services to more than 200 fintech companies.

Executive Opinion

In a statement recorded in LiveMint report, Prabhu Rangarajan, the co-founder at YAP, said, "Our platform is connected to 15 banks in India, and by leveraging technology, we are accelerating the paradigm shift in sachets of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers".

In the same report, Vikram Chachra, the founding partner at 8i Ventures, said, "I discovered YAP when our fintech portfolio companies began using their payment infrastructure APIs to launch their card offerings. We backed Madhu and his team in their seed round and are delighted to invest in them again now".

YAP's Latest Funding

BEENEXT has already made some of the early-stage investment in few of the Indian financial technology startup, which includes the SafeGold, BharatPe, Shubh Loans, and OpenBank.

The startup, as of now, has plans to use the new funds to strengthen the team, build the latest technology and offer enhanced API products. The focus would be on enabling access to credit, cross border payments, and corporate banking solutions, noted the announcement.