YAP, a Chennai-based API platform has announced that it has raised $4.5 million led by Singapore-based venture capital firm Beenext.
Other investors including angel investors that took part in the funding round include 8i Ventures Fund, The DMI Group, Better Capital, Alok Mittal, CEO, Indifi, Ashneer Grover, CEO, BharatPe, Amrish Rau, CEO, PineLabs and Jupiter founder Jitendra Gupta.
The company will use the funds to strengthen its team, build technology and offer enhanced API products to financial services firms with a specific focus on enabling access to credit, corporate banking solutions, and cross-border payments.
“Our platform is connected to 15 banks in India and by leveraging technology, we are accelerating the shift in sacheting of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers,” Prabhu Rangarajan, co-founder of YAP, said.
Beenext has earlier made investments in BharatPe, OpenBank, Shubloans, and SafeGold.
The Chennai-based startup was founded in 2014. Earlier, the company raised Rs 10 crore, claiming that it had closed the last financial year with a 400% revenue growth and processed over $2 billion in annual payments.
YAP is the API Platform for Banking and Payments products in Asia. More than 200 Fintechs across Asia rely on YAP’s API to power their own branded products. The category leaders across Ride hailing, food delivery and Mobile wallet leverage the YAP API’s.
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