API developer YAP said to close $4.5m Series A

YAP, a banking and payments application programming interface (API) platform, has reportedly $4.5m in its Series A round.

The investment was led by Singapore’s venture capital firm BEENEXT, according to a report from YourStory. Other contributions to the round came from 8i Ventures Fund, The DMI Group, Better Capital and a number of angel investors.

This funding will be used to strengthen its team, increase the development of technology and offer enhanced API products, the article stated.

YAP previously closed $1.5m in an angel funding round in February 2020, according to VCCircle.

The FinTehc builds API applications for banking and payments in Asia. It offers a variety of technology stacks supporting processes including neo-banking, credit, debit and prepaid card payments, cross-border remittance, KYC management, instant fund transfer, QR payments and more.

The India-based company claims to support $2bn in annual payments volume and process millions of transactions each month.

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