Pyypl, a fintech startup based in Abu Dhabi, UAE, has secured $20 million in a Series B funding round. The company will the recently money to develop and add new features to its proprietary technology.
Pyypl, an Abu Dhabi-based fintech, has announced a $20 million Series B financing to finance its anticipated Middle East and Africa expansion. Global Ventures, located in the United Arab Emirates, is one of ten new and current investors who took part in the round.
The newest round of funding, which increases the total amount collected to $40 million, will go toward the development and implementation of additional features to Pyypl’s patented technology.
Pyypl is an Abu Dhabi Global Markets’ Financial Services Regulatory Authority approved blockchain-based platform. It has purportedly secured ties with Binance, Ripple, and Visa, in addition to quadrupling its user count since its previous capital round.
Antti Arponen, co-founder and CEO of Pyypl, commented on his company’s latest fintech fundraise: “We welcome our new investors and thank our existing shareholders for their continued support of our financial inclusion journey.”
The fintech noted that its new goal is to help the region’s “800 million financially underprivileged smartphone users” through virtual and real prepaid cards as well as “user-to-user transfers.”
According to the media, Arponen says that his company aims to service a billion regional consumers. Pyypl is targeting nations such as Oman and those in the Gulf Cooperation Council (GCC).