Digital Banking Start-Up Yap Raises $41 Million, To Expand Into Saudi Arabia

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YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans. YAP said it intends to complete it Series A by the end of the year. YAP will use the funds to expand the business into Saudi Arabia, Egypt, Pakistan and Ghana, Chief Executive and co-founder Marwan Hachem said in an interview. CEO Hachem said YAP would target serving the significant remittance market of Pakistani workers employed in the Gulf who send billions of dollars home each year.