United Arab Emirates-based digital banking startup YAP has raised $41m in investment to fund its growth and expansion.

The round was joined by Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.

According to Reuters, the digital bank is looking to raise an additional $20m and it plans to close its Series A round by the end of 2022.

Proceeds from the latest investment will be used for business expansion in Saudi Arabia, Egypt, Pakistan and Ghana.

YAP provides spending analytics to consumers, money transfer services, and withdrawals with no minimum balance requirement.

The firm is also working to develop products including a multi-currency offering, products for households and children, loans, BNPL and equity trading via the YAP Financial Marketplace, the YAP Store and the YAP Hub.

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“We just got the EMI (electronic money institutions) licence in Pakistan and PSP (payment service provider) in Ghana, same thing in Saudi Arabia. Together with the bank we are going to apply to the central bank,” YAP chief executive and co-founder Marwan Hachem told the news agency in an interview.

The startup, which was launched last year, has joined forces with RAK Bank to be the UAE’s first independent digital banking platform.

In Saudi Arabia, where YAP plans a soft launch in October before going fully live in the first quarter of 2023, the fintech has formed an alliance with Bank AlJazira.

YAP managing director and co-founder Anas Zaidan said: “That is a very important step for us because we believe Saudi Arabia is one of the biggest markets in the Middle East.”