Yap, a fintech start-up based in India, raised $10m in its Series B round to expand its business.

The round was co-led by Flourish Ventures and Omidyar Network India. The start-up’s existing backers Beenext, 8i Ventures, DMI Group also participated.

Last year, Yap raised $4.5m as part of its Series A round.

According to Economic Times, Yap operates as an Application Programming Interface (API) provider for banks, other start-ups and businesses.

The company plans to use the new proceeds to fuel its expansion as it plans to foray into Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam and Indonesia.

Apart from India, Yap currently serves companies based in Nepal, the UAE, Australia, New Zealand and the Philippines.

A portion of funds will also be used to bolster technology teams and for developing new capabilities.

Yap co-founder Madhusudanan R was quoted by Livemint as saying: “The tailwinds from the pandemic presented a shot in the arm for our business with across-the-board adoption of our API capabilities.

“At one end, we have over 20 banks accelerating their efforts to partner; at the other end we have over 300 brands and fintechs looking to embed financial products into their user journey.”

Omidyar Network India director Amol Warange told the publication: “We believe that Digital Enablers such as Yap can catalyze financial inclusion and drive usage of financial products across the 500 million Indians expected to come online for the first time via their mobile phones.”