The company’s existing investors – BEENEXT, 8i Ventures, DMI Group – The Sparkle Fund and Better Capital also participated in the financing round
Fintech infrastructure provider YAP on Tuesday said it has raised Rs 73.2 crore or USD 10 million in series B funding round, co-led by Flourish Ventures and Omidyar Network India.
The company’s existing investors – BEENEXT, 8i Ventures, DMI Group – The Sparkle Fund and Better Capital also participated in the financing round, a release said.
“This investment allows us to strengthen our technology teams, build new capabilities as well as reach new markets across Asia,” YAP co-founder Madhusudanan R said in the release.
Flourish Ventures Investments Director Anuradha Ramachandran said, “We strongly believe that YAP has the potential to be a leading scalable application programming interface (API) infrastructure company in India and can set a blueprint for its peers.” In April last year, the company had raised USD 4.5 million in series A funding round from investors, including BEENEXT, 8i Ventures and DMI Group.
Founded in 2015, Chennai-headquartered YAP enables businesses and platforms to offer their own branded financial services through partnerships with financial institutions or fintech companies while ensuring regulatory compliance.
(PTI)
Source: Business World
