DUBAI: United Arab Emirates-based digital bank YAP said on Monday it had raised $41 million and plans to expand into Saudi Arabia through a partnership with a traditional bank in the kingdom.

The investors in the Series A round, which YAP said it intends to close by the end of the year, include Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital.

The start-up will partner with Bank AlJazira to offer consumer and business banking services in Saudi Arabia, it said.

YAP said in the statement it had also received regulatory approval to launch services in Pakistan and Ghana, and that it would soon expand to Egypt, the most populous Arab nation.

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The digital bank, which launched in 2021, has so far signed up more than 130,000 users, YAP said.

“There is incredible demand for fintech products in the region and we are well placed to be a market leader to address these needs," Group CEO Marwan Hachem said.

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