Additionally collaborating within the startup’s maiden funding spherical are Vikram Chachra, founding companion of early-stage enterprise capital agency 8i Ventures, Abhishant Pant, founding father of The FinTech MeetUp and Peifu Hsieh, cofounder of fintech startup Karbon.
The four-year-old, Chennai-headquartered firm, which has been largely bootstrapped until date, counts a lot of personal banks amongst its shoppers, together with, Sure Financial institution, DCB Financial institution and Equitas Small Finance Financial institution. It additionally works with main startups, reminiscent of ride-hailing main Ola, Cred, Financial institution Open and Niyo.
Yap, based by Madhusudanan R, Muthukumar and Prabhu, all of whom have in depth skilled expertise throughout main cost and expertise majors, reminiscent of Visa, PayPal and Verizon, permits firms to develop, take a look at, iterate their very own branded debit, credit score and pay as you go accounts.
The API infrastructure supplier works with banks on one aspect, and develops applied sciences to assist them provide their banking merchandise over APIs to companies, and fintech firms on the opposite aspect which have a must construct their very own branded cost or banking merchandise. In keeping with a company-issued assertion, Yap, as of December final 12 months, has processed over $2 billion in annual funds, and over 50 million transactions.
“We are at the centre of API-fication of banking and payments in India, and pride ourselves as the platform Of Choice For fintech and businesses. The funding round by leading angels is a terrific validation of our model and we look forward to scale our platform across Asia,” Madhusudanan stated within the official assertion.
Proceeds from the angel funding spherical will probably be utilized by the corporate to speed up progress, and broaden its crew to develop new banking merchandise.
“One of the most cumbersome part for any fintech journey is the bank platforms’ integration and development of core payments and card technologies. Yap has already built the bank integrations pipes and provided this in an easy to use micro services architecture, which can be consumed by any fintech,” Rau stated.
Rau, Shah and Gupta are amongst essentially the most energetic angel traders in India, having backed numerous startups, throughout sectors, until date, and which have gone on to boost substantial quantities of progress funding. Their respective portfolios embody, Financial institution Open, Khatabook, Bira91, BharatPe and Cellular Premier League, amongst others.