[Funding Alert] API Platform YAP Raises $4.5 Mln In Series A Round
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YAP, an application programming interface platform (API) for banking and payments, has raised $4.5 million in Series A funding led by Singapore-based venture capital firm BEENEXT. 8i Ventures Fund, the DMI Group, Better Capital, and angel investors such as Alok Mittal and Amrish Rau also participated in the round.
Founded in 2014, the company claims to be the largest API platform for banking and payments in Asia with over 200 fintech clients in India and South East Asia. According to its website, it clocks more than $2 billion in annual payments volume.
"As a provider of digital payments infrastructure, it (YAP) is very well-placed to benefit from the continuing adoption of digital finance channels by Indian households and companies, said Shivashish Chatterjee, co-founder of DMI Group, in a statement.
The fresh funds will be used to strengthen the team, build the technology further and offer enhanced products with focus on enabling access to credit, corporate banking, cross border payments and the neo-banking stack.
“Our platform is connected to 15 banks in India and by leveraging technology, we are accelerating the paradigm shift in sacheting of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers,” said co-founder Prabhu Rangarajan.
Dirk van Quaquebeke, who is managing partner at BEENEXT, said, “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."
The Chennai-based company had raised over $1 million in angel funding earlier this year.
"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," said Vikram Chachra, founding partner at 8i Ventures.
Last week, Setu, a start-up which offers APIs across bills, savings, credit and payments, raised $15 million in a Series A round led by Falcon Edge and Lightspeed Venture Partners US.