Back to the complete issue
Tuesday, 5 July 2022

Let’s all say hello to YAP

UAE fintech YAP plans to expand into Egypt next year after raising USD 41 mn in funding led by Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital, according to a press release picked up by Zawya. The startup hopes to raise another USD 20 mn to fuel its expansion, with plans to close its series A round before the end of the year, Reuters reports.

YAP will use the funds to expand into Egypt, Saudi Arabia, Pakistan and Ghana: The startup is currently piloting its services in Pakistan and Ghana and hopes to launch in the two countries by the end of 2022, and is eyeing a soft launch in Saudi Arabia in October ahead of a full launch in 1Q 2023. “We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia,” co-founder and CEO Marwan Hachem told Reuters.

We’ve been getting a lot of interest from fintechs overseas: Flexxpay, another UAE-based fintech platform, recently launched in Egypt, while China-backed fintech player OPay in April got preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP). Other Africa-focused fintechs like Kenya’s Churpy and ImaliPay have also said recently they are preparing to set up shop in Egypt.

About YAP: Launched in 2021, the digital banking platform is partnered with Emirati lender RAK Bank and currently has over 130k registered users. It is developing “a new multi-currency offering, products for children and households, equity trading, loans and buy-now-pay-later” service, according to the statement.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.