“Can a partner-bank-powered neobank become the default consumer money app across MENA and South Asia?”
YAP launched in 2020 as a UAE-based neobank offering IBANs, cards, budgeting, and bill payments through a mobile app. Because it is not a chartered bank, it operates on top of partner-bank infrastructure — RAKBank in the UAE originally, and Bank AlJazira in Saudi Arabia via a 2022 partnership. The company has since expanded regionally into Pakistan (pilot EMI licence, State Bank of Pakistan) and secured regulatory approvals in Ghana, positioning itself as a multi-market MENA/South Asia consumer neobank.
YAP discloses Bank AlJazira as its sponsor bank, according to the Embedded Finance Index 2026.
YAP does not disclose a bank charter of its own; its banking services are provided through Bank AlJazira.
YAP is founded in 2020 and headquartered in United Arab Emirates.
YAP has raised $41M in total (latest round: Series A (partial), 2022).
Get a read on where your own stack stands against YAP and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.