Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round – Emerging Markets Bitcoin News
Abu Dhabi-based fintech company Pyypl announced on November 7 that it has raised $20 million in Series B funding and this brings the total raised to almost $40 million. la. Pyypl says it plans to use the recently raised money to develop and add new features to its proprietary technology. The company also wants to support “800 million financially unbanked smartphone users” in the region through virtual and physical prepaid cards.
Pyypl’s financial inclusion journey
Pyypl, an Abu Dhabi-based fintech, recently revealed that it has raised $20 million in a Series B round, to fund its expansion into the Middle East and Africa. United Arab Emirates-based venture capital firm Global Ventures was one of ten new and existing investors who participated in the round.
The latest round of funding, bringing the total raised to date to $40 million, is set to fund the development and addition of new features to Pyypl’s proprietary technology.
In addition to seeing its user base quadruple since its previous fundraising, Pyypl – Financial Services Regulatory Authority of Abu Dhabi Global Markets – has established relationships with Binance, Ripple and Visa. Commenting on his company’s latest fintech fundraising, Antti Arponen, Co-Founder and CEO at Pyypl, speak:
We welcome our new investors and appreciate further investment from our existing shareholders to support our financial inclusion journey.
The fintech company added that its goal now is to support “800 million financially unmet smartphone users” in the region through virtual and physical prepaid cards as well as “money transfers.” from user to user”.
Meanwhile, Arponen is quoted in another report as saying that his company is aiming to serve a billion users from the region. Oman and the Gulf Cooperation Council (GCC) countries are among the countries that Pyypl is targeting.
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