Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round

Abu Dhabi-based fintech, Pyypl, introduced on Nov. 7 that it had raised $20 million in Series B funding and this introduced the overall of funds raised to almost $40 million. Pyypl has mentioned it plans to make use of the lately raised funds to develop and add new options to its proprietary expertise. The firm additional needs to help “800 million financially underserved smartphone users” from the area by means of digital and bodily pay as you go playing cards.

Pyypl’s Financial Inclusion Journey

Pyypl, an Abu Dhabi-based fintech, lately revealed it had raised $20 million in a Series B spherical, to fund its deliberate enlargement into the Middle East and Africa. United Arab Emirates-based enterprise capital firm Global Ventures is without doubt one of the ten new and current buyers that participated within the spherical.

The newest capital elevate, which brings the overall raised thus far to $40 million, is about to fund the event and addition of latest options to Pyypl’s proprietary expertise.

In addition to seeing the variety of its customers quadruple since its earlier capital elevate, 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 agency’s newest fintech fundraise, Antti Arponen, the co-founder and CEO at Pyypl, said:

We welcome our new buyers and admire the additional funding from our current shareholders in help of our monetary inclusion journey.

The fintech added that its goal now could be to help “800 million financially underserved smartphone users” from the area by means of digital and bodily pay as you go playing cards in addition to “user-to-user transfers.”

Meanwhile, Arponen is quoted in one other report stating that his agency is aiming to serve a billion customers from the area. Oman and international locations within the Gulf Cooperation Council (GCC) are among the many international locations that Pyypl is focusing on.

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