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Technology has transformed the way financial transactions and operations happen. Today making and accepting payments, receiving loans, everything has become simpler than ever before. All thanks to tech startups, that are coming up with amazing products that have made financial operations much easier for financial institutions, business owners, and consumers. Chennai-based 'Yap' is one such startup that this revolutionizing the way banks and other financial institutions offer services to their customers. Yap provides tools that let banks and financial institutions design customized and convenient solutions for their customers. Here is more about Yap.
Yap - Company Highlights
- Startup Name-Yap
- Also Known As-M2P Solutions
- Headquarters-Chennai, Tamil Nadu, India
- Founders-Madhusudanan R, Prabhu R
- Founded-Nov 14, 2014
- CEO-Madhusudanan R.
Yap - About
Yap offers a payments-as-a-service infrastructure that can handle all types of retail payment assets. Yap's Application Programming Interface (API) platform allows digital platforms, fintech companies, and offline businesses to offer personalized solutions to their end customers, by linking them with other fintech platforms and banking and non-banking financial firms.
Yap's functional APIs, let its clients receive and transfer funds through Wallet & Cards, Cross Border Payments, Gift Cards, Fleet Spends, Just-In-Time Funding, UPI as well as other payment methods. Consumer, corporate, small business, and credit card loans are among the products it offers.
Yap's modular platform 'bank in a box' enables its clients to offer products such as opening bank account, credit, online payment, toll payment, foreign exchange solutions, etc.
Many companies in Nepal, India, New Zealand, the UAE, Australia, and the Philippines are served by YAP. Around 20 Indian banks, including ICICI Bank, Yes Bank, and RBL Bank, as well as numerous consumer internet companies like Ola, Cred, Swiggy, and also large NBFCs like Muthoot, TVS Credit, Bharat pe, Razorpay, Finin, etc use YAP's services on the lending space.
Yap - Latest News
In March 2021, Yap raised $10 Million in funding from investors like Flourish Ventures and Omidyar Network India. The fundraising round included participation from YAP's current investors, including Beenext, 8i Ventures, and Better Capital.
“We are uniquely poised to cater to new cohorts of distributors as more firms embed financial services into their digital platforms. This investment allows us to strengthen our technology teams, build new capabilities as well as reach new markets across Asia,” Madhusudanan R, co-founder at Yap, said.
Yap - Founders and Team
Yap was founded by Madhusudanan R and Prabhu R.
Madhusudanan R is the Chief Executive Officer & Founder at YAP. He is a fintech entrepreneur with deep-rooted experience in building and scaling Payments businesses across Asia.
Prabhu R is the Co-Founder & Chief Operating Officer at YAP.
Yap - Startup Story
Madhusudanan R. and Muthukumar A and came up with the Yap idea during the office tea breaks. The founders who worked at Visa Inc in Mumbai from 2010 to 2012, often realized how big banks were lagging behind in digitizing their services. The focus of these conversations was always on how the financial industry might fix this problem. Finally, Madhusudanan and Muthukumar, came up with a solution themselves and founded Yap in 2014.
The Yap founders observed how banks work in India, through their combined expertise of over a decade working for Visa, Citibank, and Paypal. They understood that due to their aversion to developing new digital products, banks were unable to reach a whole new set of clients. Yap is a solution to these problems, Yap's is empowering many banks, financial institutions, and businesses to offer various customized solutions to its customers.
YAP's unique API (application programming interface) gives banks and fintech businesses the tools they need to create new payment systems. This shortens the time it takes for these businesses to acquire consumers who want simple and quick electronic payment options.
“When we started, banks in India didn’t use any APIs. In other markets, like the US, this phenomenon started ten years ago. In India, it started around 2014–15, when a few digital payment companies started to grow,” Madhusudanan, co-founder of YAP, told.
The firm claims to deal with 15 banks in India at the moment. Apart from providing an API for payment integration, including UPI payments, YAP also assists them in acquiring corporate clients, which are often digital financial institutions such as neobanks or the fintech divisions of big corporations.
“They don't have to spend any money on this, and they can reach a lot larger audience without having to spend money on client acquisition,” Madhusudanan explained.
Yap - Mission and Vision
Yap's mission statement says, "We are focused on user experience and customer retention. We are constantly thinking of new use cases and ways to serve our customers across all their financial needs as seamlessly woven into their daily routine life as possible."
YAP is on a mission to transform every business into a fintech.
Yap - Business Model and Revenue Model
Yap provides B2B tech solutions to financial institutions and businesses. The YAP platform connects companies to licensed banks, financial institutions, and financial infrastructure such as UPI/card networks through its extensive Application Programming Interface (API) libraries. Within a few weeks, a company may connect to YAP's platform, choose goods and banking partners, and roll out financial products to its consumers or vendors. In addition, YAP oversees essential continuing activities like reconciliations and compliance monitoring. YAP now serves over 200 fintech with an API platform.
Yap - Employees
- Rajesh Wadhwa - Chief Business Officer
- Prabhu R - Co-Founder & Chief Operating Officer
- Muthukumar A - Chief Technology Officer
- Madhusudanan R - Chief Executive Officer & Founder
- Yap - Funding and Investors
Yap - Competitors
The top competitors of Yap are
- Open Bank Project
- Teller, Inc.
Yap - Future Plans
Yap's major plans include expansion to new geographies and expanding the team. According to Madhusudanan R, co-founder of YAP, the company intends to grow to Bangladesh, Saudi Arabia, Oman, Egypt, Vietnam, and Indonesia.
India's rapidly digitizing financial environment, according to Amol Warange, head of Omidyar Network India, would provide chances for YAP to expand.
"We think that digital enablers like YAP can catalyze financial inclusion and promote adoption of financial products among the next 500 million Indians who are projected to access the internet for the first time via their mobile phones" Warange added.
Yap - FAQs
What does Yap do?
Yap offers a payments-as-a-service infrastructure that can handle all types of retail payment assets. The company's platform links banks, financial institutions, enterprises, payment networks, and merchants to build an interoperable payment platform that allows businesses to quickly design and carry out their own customized payment solutions.
Which country is Yap based in?
Yap is a Chennai-based, Indian fintech company.
Who founded Yap?
Yap was founded by Madhusudanan R and Prabhu R.
Which companies do Yap compete with?
Open Bank Project, Decentro, TrueLayer, Teller, Inc., Plaid, Konsentus, Figo, Quovo, and Instantor are the top ten competitors of YAP.