UAE-based digital bank YAP collects funding ahead of expansion into Saudi Arabia

UAE-based digital bank YAP has reportedly collected $41m in fresh funding, with plans to expand into Saudi Arabia.

The capital injection was backed by Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital, according to a report from Reuters.

YAP is looking to raise another $20m to support the expansion plans.

The digital bank is eyeing expansion into Saudi Arabia, Egypt, Pakistan and Ghana. YAP is already being piloted in Pakistan and Ghana, with plans to launch in the markets by the end of the year.

YAP is a financial services app and debit card, which provides consumers with a suite of digital banking tools. Banking services are provided by Rakbank.

Through the app, users can access granular analysis to monitor their spending by category and merchant. It also allows users to freeze the card, simplify bill payments, and receive real-time notifications on spending.

The company has a number of financial services packages coming soon. One of these is YAP Young, which lets users create a digital banking YAP account for kids to help boost their financial education.

Another package is YAP Household, which lets users easily manage their household salaries.

There have been a number of UAE-based FinTech companies to close funding this year. Last month, PropTech platform Huspy closed its Series A round on $37m. The company provides real-time updates about mortgage applications, and helps users find multiple personalised offers from top UAE banks.

Another UAE-based FinTech company to recently close a funding round was spend management app Pemo. The company bagged $12m.

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