API platform YAP raises $1.3 million from angel investors

Chennai based fintech company YAP, has raised $1.3 million in an angel funding round from former PayU India CEO, Amrish Rau, founder of Jupiter, Gitendra Gupta, and Founder of Cred Kunal Shah. 

The round also witnessed participation from 8i Venture’s Vikram Chachra, Fintech MeetUp’s Abhishant Pant, and Karbon’s Peifu Hsieh, the company said in a statement. 

Operated by M2P Solutions, YAP will use the  funding for geographical and team expansion, develop new banking products for Fintech startups. 

As part of the deal, Rau will join the board of M2P Solutions. 

“We are at the center of API based Banking and Payments in India and look forward to scale (ing) our platform across Asia.  We pride ourselves as the platform of choice for fintechs & businesses in India. The funding round by India's leading fintech entrepreneurs is a terrific validation of our model,” Madhusudanan R, Co-founder of YAP said. 

Founded in 2014, the company helps fintech startups build and extend payment solutions. It has partnered with banks like YES Bank, DCB Bank, Equitas SFB for the API platform it offers to its clients. 

YAP’s cliental includes Ola, Cred, Slice, RedCarpet, etc. 

As of December 2019, the company claims to have processed over $ 2 billion in annual payments and more than 50 million transactions, a 300% growth over the previous year.