Chennai based fintech firm YAP has raised $10 million in Series B funding co-led by Flourish Ventures and Omidyar Network India at an undisclosed valuation. The round also saw participation from existing investors, Beenext, 8i Ventures and Better Capital. The startup had earlier raised $4.5 in Series A round in April 2020. The fresh capital will be utilized towards expanding to international markets and strengthening the team through fresh recruitments.

Founded in 2014, YAP has created an API platform for banking and payments products in Asia. The platform can be leveraged by banks, startups and consumer internet companies. In a statement Madhusudanan R, co- founder, YAP said that the startup caters to companies in India, Nepal, the United Arab Emirates, Australia, New Zealand & the Philippines and plans to expand to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.

“We are uniquely poised to cater to new cohorts of distributors as more firms embed financial services into their digital platforms. This investment allows us to strengthen our technology teams, build new capabilities as well as reach new markets across Asia,” Madhusudanan said.

“YAP is our first investment in embedded finance infrastructure in India, aligning with our principles of Fair Finance to foster a more inclusive economy,” Anuradha Ramachandran, investments director at Flourish Ventures, said. “The YAP platform provides the rails on which fintechs and incumbents can build new cases for the underserved segment, while delivering financial services in a cost-effective way.”