Abu Dhabi, UAE – Pyypl – pronounced “People” – the Middle East and Africa (MEA) focused financial services platform and Hub71 company has closed its target Series B raise of $20 million from a diverse group of international investors and ten existing investors. Pyypl is considering opening a second tranche for further investment due to interest from investors.
Since inception in 2017, Pyypl has raised almost $40 million and the Series B raise will enable the Company to further expand its reach across the MEA region. Product development will also be a key focus, with Pyypl 2.0 building out new features of the company’s proprietary technology platform to enhance user experience and facilitate scaling in current and new markets.
Pyypl has established key partnerships that have taken years to develop in order to be part of a financial ecosystem required to meet demand across. These include Visa, a number of payment gateway partners, Ripple and Binance to name a few. Based in Hub71, Abu Dhabi’s global tech ecosystem, Pyypl is gaining access to its network of partners, and benefiting from its business-friendly environment and strong talent base.
With its proprietary technology, experienced management team and unique multi-product, pan-regional approach Pyypl is in the right sector, in the right geography at the right time.
Antti Arponen, co-founder and CEO of Pyypl, commented: “We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey. We have grown significantly since our Series A round and are excited to enter the next phase of growth and capability. This is just the beginning.”
Pyypl’s purpose driven approach offers key financial services in one app for the 800m financially underserved smartphone users across Africa and the Middle East, via internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers as well as remittances to 38 currency destinations. Pyypl has a strong pipeline of additional products.
Pyypl is an international payment technology company and financial services provider using blockchain in its core systems. It enables digital payments for the 800 million smartphone users in the Middle East and Africa who are financially underserved.
Pyypl partners with leading investors, banks and payment networks for building an unforeseen FinTech ecosystem in the Middle East, Africa and internationally in its mission to speed up financial inclusion.
Pyypl was ranked in the Top 10 Startups in the UAE for 2021 by LinkedIn. Pyypl has investors from Europe, US, Middle East, and Central Asia, users from 150+ nationalities and has processed transactions in 70+ different currencies.
For more information, visit www.pyypl.com