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Weekly News of 04th of July

Digital banking start-up YAP raises $41 mln

 

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, reports Reuters.

The investors so far included Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. 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.

YAP, launched in 2021, partnered with Emirati lender RAK Bank to be the UAE’s first independent digital banking platform.

It has partnered with Bank AlJazira in Saudi Arabia, where it will soft-launch in October before going fully live in the first quarter next year.

YAP plans to launch by the end of the year in Pakistan and Ghana, where its services are at present being piloted, and next year in Egypt, the most populous Arab nation.

YAP has so far signed up over 130,000 users to its app, the digital bank said.

 

Brazilian lender Creditas raises $200 million

 

Brazilian financial technology lender Creditas is raising $200 million from investors and buying a bank as well as a mortgage startup as it moves to increase profitability, reports Reuters.

The SoftBank-backed firm, which operates an online platform offering consumer loans, is buying the Brazilian banking license of Andorra’s Andbank and will begin accepting deposits.

Andbank, which is globally focused on private banking and has $30 billion under management, will continue operating in Brazil as a broker dealer and asset manager. Creditas will distribute products from its credit portfolio to Andbank investors.

In the same interview, Andbank Chief Executive Carlos Aso said selling the banking license will reduce its capital needs, allowing growth in private banking and wealth management.

The $100 million deal needs to be approved by Brazil’s central bank and antitrust watchdog CADE. Creditas’ bank will have around 450 million reais ($83.5 million) in regulatory capital.

Andbank will become a minority shareholder in Creditas, participating in a $50 million extension of the funding round Series F, in which Creditas raised $260 million at a $4.8 billion valuation in January.

 

Cyber insurance firm Coalition valued at $5 billion after fund raise

 

Coalition had raised $250 million in a late-stage funding round last month that valued the cyber insurance provider at $5 billion, at a time organizations have been facing an increasing risk of cyber threats, reports Reuters.

The five-year-old company, which helps over 160,000 organizations mitigate digital risk as its insurance product offers cybersecurity tools too, saw its revenue growth nearly triple from last year.

 

Logistics firm Flexe valued at over $1 bln after latest fund raise

 

Flexe raised fresh capital in a late stage funding round from investors including BlackRock and Tiger Global that valued the logistics startup at over $1 billion, reports Reuters.

Seattle-based Flexe raised $119 million in a series D round that drew new investments from funds and accounts managed by T. Rowe Price Associates, Madrona Ventures and Prologis Ventures among others. Flexe had raised $70 million nearly two years ago.

Flexe provides scalable warehousing solutions, retail distribution and same-day delivery.

The funding comes at a time when severe supply chain snarls are throttling trade and commerce across the world.