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Abu Dhabi-based fintech, Pyypl, has 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, and will enable it to expand across the Middle East and Africa (MEA) as well as product development and new features of the company’s proprietary technology.
The company, which provides financial services including non-bank payments services, and has headquarters in Hub 71, Abu Dhabi, said it had quadrupled user numbers since its Series A funding one year ago.
A statement said it had established key partnerships with Visa, Ripple and Binance.
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.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
