YAP
“Can a partner-bank-powered neobank become the default consumer money app across MENA and South Asia?”
Founded2020
HQUnited Arab Emirates
Total raised$41M
Latest roundSeries A (partial), 2022
IndustryFintech / Neobank
The story
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.
Last 12 months
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Product timeline
2020
YAP founded in the UAE as a digital banking money app.· banking
2021
Consumer app launched; reaches 130,000+ users in the region.· banking
2022
Raised $41M from Aljazira Capital and others; announced partnership with Bank AlJazira to launch in Saudi Arabia; regulatory approvals in Pakistan and Ghana.· banking
2024
Secured pilot EMI license from State Bank of Pakistan for YAP Pakistan.· banking
Regulated entities
1
regulatory licence held by YAP
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in YAP’s embedded-finance stack
Sponsor bank
Bank AlJazira
Accounting gap: none