Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Fintech platform YAP said it has raised $4.5 million led by Singapore-based venture capital firm Beenext.

8i Ventures Fund, The DMI Group, Better Capital, and angel investors including Alok Mittal, CEO, Indifi, Ashneer Grover, CEO, BharatPe, Amrish Rau, CEO, PineLabs and Jupiter founder Jitendra Gupta also participated in the round.

The funds, according to the company, will be used to strengthen its team, build technology and offer enhanced API products to financial services firms with a specific focus on enabling access to credit, corporate banking solutions, and cross-border payments.

“Our platform is connected to 15 banks in India and by leveraging technology, we are accelerating the shift in sacheting of financial services by new cohorts of distribution, leading to lowering costs, enhancing access, and better value proposition to end consumers,” Prabhu Rangarajan, co-founder of YAP, said.

Beenext has earlier made investments in BharatPe, OpenBank, Shubloans, and SafeGold.

The five-year-old Chennai-based startup, which in February raised Rs 10 crore, claimed it closed last financial year with a 400% revenue growth and processed over $2 billion in annual payments.

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