Najm Capital
Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
Najm/Portfolio/YAP
All positionsYAP logo

YAP

GM drift
Neobanking·Financial Services Disruption·Growth Equity·Invested 2022·9% stake
Position
Mark0.82x
Gross IRR-8%
Invested$20M
LatestNo recent touchpoints recorded.
Next board:2026-05-14
Ownership + team
9% stake · 1 observer seat1.0x liquidation preference
UAE neobank · 0.82x mark · user growth slower than plan · Wio Bank and Liv competing for digital-native customer segment · monetisation below thesis
Ask about YAP · pulls from SharePoint memos + Snowflake fund DB + firm memory
Try
Financial profileLatest as of 2026-03-31
Active users380kDown from 425k peak
Revenue$12MLTM · interchange + premium subs
MOIC0.82x$0.18B entry → $0.15B mark
CAC payback28 monthsUp from 16 months at entry
Three-way benchmark
Active usersmeasured in K
Actual
Thesis target
VCP plan
Peer median
Thesis 700VCP 550Peer 290380KQ4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25
Performance update
Mark $0.15B · down 18% from $0.18B entry · CAC payback extended to 28 months
Active users 380k · down from 425k peak · Wio and Liv competitive wins contributing
Gig-economy B2B pivot gaining traction · 185k gig workers · $14 ARPU vs $3.30 retail ARPU
Board approved narrowing product to gig-economy vertical in Q1 2026 · cost restructuring in progress