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.
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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.