Pyypl, an Abu Dhabi-based fintech company, has announced that it raised $20 million through Series B funding. This brings the total amount raised to almost $40 million. Pyypl stated that it will use funds raised to improve and expand its technology. The company further wants to assist “800 million financially underserved smartphone users” from the region through virtual and physical prepaid cards.
Pyypl’s Financial Inclusion Journey
Pyypl is an Abu Dhabi-based Fintech company. It recently announced that it has raised $20 million through a Series A round to help fund its expansion plans into Africa and the Middle East. Global Ventures (a United Arab Emirates-based venture capital group) was one of the ten investors in the round.
The latest capital raise, which brings the total raised so far to $40 million, is set to fund the development and addition of new features to Pyypl’s proprietary technology.
In addition to seeing the number of its users quadruple since its previous capital raise, Pyypl — an Abu Dhabi Global Market’s Financial Services Regulatory Authority licensed blockchain-based platform — has reportedly established relationships with Binance, Ripple, and Visa. Commenting on his firm’s latest fintech fundraise, Antti Arponen, the co-founder and CEO at Pyypl, said:
We are pleased to welcome new investors.
The fintech added that its objective now is to assist “800 million financially underserved smartphone users” from the region through virtual and physical prepaid cards as well as “user-to-user transfers.”
Arponen was quoted by another reporter as saying his firm aims to reach a quarter of a million users in the region. Pyypl has identified Oman as one of his targets, along with countries from the Gulf Cooperation Council.
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