DUBAI: YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans.

The investors so far included Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP said it intends to complete it Series A by the end of the year.

YAP will use the funds to expand the business into Saudi Arabia, Egypt, Pakistan and Ghana, Chief Executive and co-founder Marwan Hachem said in an interview.

“We just got the EMI (electronic money institutions) license in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank we are going to apply to the central bank,” Hachem said.

CEO Hachem said YAP would target serving the significant remittance market of Pakistani workers employed in the Gulf who send billions of dollars home each year.

Published in Dawn, July 5th, 2022