Tiger Global in talks to back Indian fintech Yap

Tiger Global is in advanced stages of talks to back Indian embedded finance startup Yap, according to more than half a dozen people familiar with the matter.

The New York-headquartered firm is in talks to lead a $35 million financing round in Yap - also known as YapPay and M2P - that values the Bangalore-headquartered startup at about $350 million, up from about $67 million in March this year (per data insight platform Tracxn), the people said.

At the current stages of negotiation, Tiger Global plans to invest between $25 million to $30 million in the new round (a Series C), some of the people said. The round hasn't closed, so the deal size could become larger and other terms too may change, people said.

Yap operates an API infrastructure platform that allows other startups to support and build payments services. Yap, which has raised about $15.9 million to date, counts Better Capital, BeeNext, AngelList, Omidyar Network, 8i among its existing investors.

If the deal materializes, it will be the latest investment from Tiger Global in India, where it has already backed over a dozen startups this year.

Lay of the land for fintech startups in India. Data and image: Bank of America.

Everyone declined to comment.