Abu Dhabi fintech Pyypl raises $20M in Series B round
The funds will be used towards expansion in the MEA region and product development.
Abu Dhabi-based fintech startup raised $20 million in a Series B fundraising round from new and existing investors.
The latest round brings total investment to close to $40 million, the company said. The funds will be utilised to expand across the Middle East and Africa (MEA), as well as for product development and adding new features of the company’s proprietary technology.
Headquartered in Hub 71—Abu Dhabi's global tech ecosystem, the company, which provides financial services including non-bank payment services, said it has quadrupled user numbers since its Series A funding in 2021.
A statement said it had established key partnerships with Visa, Ripple, and Binance.
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Co-founder and CEO Antti Arponen, said, “We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey."
Pyypl said it aims to serve 800 million financially underserved smartphone users across the MEA region via virtual and physical prepaid cards, user-to-user transfers, as well as remittances.
Edited by Kanishk Singh