YAP

Dubai-based fintech whose app offers UAE IBAN accounts, virtual cards, bill payments and transfers through a licensed partner bank, with Saudi, Pakistani and Ghanaian expansion announced in 2022.

Industry: Digital banking platform | Location: Dubai, United Arab Emirates | Founded: 2021 | Total Funding: USD 41M

About YAP

YAP is a Dubai-based digital banking fintech whose app lets customers open an account with a UAE IBAN, hold virtual cards, pay bills, send and receive money and track spending. YAP's website, read in October 2026, says YAP does not itself offer banking or regulated financial services and acts as a platform through which customers reach the services of Ruya Community Islamic Bank, a bank licensed and regulated by the Central Bank of the UAE.

Reuters reported in July 2022 that YAP was founded and launched in 2021. Marwan Hachem is its founder and group chief executive, and Anas Zaidan is co-founder and managing director. When YAP launched in the UAE in March 2021, Gulf News and Retail Banker International reported that RAKBANK provided the IBAN and card number sponsorship, because YAP did not hold a banking licence of its own.

In July 2022 Arab News reported more than 130,000 users in the UAE. Products then included a children's app called YAP Young for ages 8 to 18 and accounts for small businesses and start-ups, with a buy now pay later offer planned through the YAP Store. Reuters reported that YAP held an electronic money institution licence in Pakistan and a payment service provider licence in Ghana, planned to launch in Egypt in 2023, and had agreed a Saudi Arabian venture with Bank AlJazira. According to Arab News, YAP Holding would own 50 percent of YAP Saudi Arabia and the bank the other 50 percent, with a pilot planned for October 2022.

YAP announced 41 million US dollars in July 2022 from Aljazira Capital, Abu Dawood Group, Astra Group, Audacia Capital and family offices. Arab News called it a pre-Series A round, while Gulf News described it as part of a Series A. Hachem said the company planned to raise a further 20 million dollars before the end of 2022 to complete the Series A, which Retail Banker International said would bring the total to 61 million dollars. No source read confirms that the second raise closed, and none reports later funding.

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