# YAP

> YAP is a Dubai-based digital banking platform that lets people open an account, get an instant IBAN and Mastercard, send and receive money, pay bills and track spending entirely from a mobile app. Launched in March 2021 as the UAE's first independent digital banking platform, YAP does not hold its own banking licence in the UAE; instead it partners with licensed banks (originally RAKBANK) to provide the underlying accounts while YAP builds the customer-facing experience, analytics and card controls. The company has raised roughly $41 million and is expanding across the Middle East, Africa and South Asia, targeting Saudi Arabia, Egypt, Pakistan and Ghana.

- **Founded:** 2021
- **Headquarters:** Dubai, United Arab Emirates
- **Founders:** Marwan Hachem (Founder & Group CEO), Anas Zaidan (Co-Founder)
- **Team size:** ~50 employees
- **Products:** Digital IBAN Account, YAP Mastercard Debit Card, Virtual Cards, Spending Analytics, Bill Payments & Reminders
- **Notable:** Launched as the UAE's first independent digital banking platform in March 2021., Onboarded more than 150,000 customers since launch., Won 'Fintech of the Year' at Abu Dhabi Finance Week, November 2022.

## Products & services

- **Digital IBAN Account** — A free IBAN account opened digitally using a mobile number and facial recognition, with funds held by a partner bank under its banking licence.
- **YAP Mastercard Debit Card** — A physical debit card linked to the YAP account, with in-app card controls and real-time purchase notifications.
- **Virtual Cards** — In-app virtual cards with a unique number, CVV and expiry for safer online shopping and subscription control.
- **Spending Analytics** — Automatic categorisation of transactions with notes, receipts and budgeting insights in one view.
- **Bill Payments & Reminders** — In-app bill payment, organisation and reminder tools to automate recurring payments.
- **Money Transfers & Remittance** — Send and receive money locally and across borders directly from the app.
- **Youth / Kids Accounts** — Accounts aimed at younger users designed to build financial literacy and budgeting habits.
- **Business Banking** — Consumer and business banking platform being rolled out in expansion markets such as Saudi Arabia.

## Achievements

- Launched as the UAE's first independent digital banking platform in March 2021.
- Onboarded more than 150,000 customers since launch.
- Won 'Fintech of the Year' at Abu Dhabi Finance Week, November 2022.
- Raised roughly $41 million to fund regional expansion.
- Launched what it described as the region's 'first' virtual card.
- Secured regulatory approvals to operate in Pakistan and Ghana.

## Latest updates

- **2021-03** — YAP launches as the UAE's first independent digital banking platform in partnership with RAKBANK.
- **2022-07** — YAP raises $41 million to expand into Saudi Arabia, Egypt, Pakistan and Ghana.
- **2022-11** — YAP wins Fintech of the Year at Abu Dhabi Finance Week.
- **2023-01** — YAP targets going live across five markets - UAE, Pakistan, Ghana, Egypt and Saudi Arabia.
- **2023-06** — YAP partners with Bank AlJazira to launch consumer and business banking in Saudi Arabia.

## Links

- Website: https://yap.com
- LinkedIn: http://www.linkedin.com/company/yapbanking
- Twitter/X: https://twitter.com/yap
- YouTube: https://www.youtube.com/@YAPbanking
- Instagram: https://www.instagram.com/yapuae/?hl=en
- Facebook: https://www.facebook.com/YAP/

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Profile page: https://yespress.io/yap
Published by YesPress — https://yespress.io
Last updated: 2026-07-24