Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round – Recently, the Abu Dhabi-based fintech company Pyypl said it has raised $20 million in a Series B funding round to fuel its expansion throughout the Middle East and Africa. Global Ventures, a venture capital firm based in the United Arab Emirates, is one of the ten new and current investors who participated in the round. The most recent round of funding, which takes the total amount raised to $40 million, will be used to develop and add additional features to Pyypl’s proprietary technology.
In addition to having its user base quadruple since its last capital raising, Pyypl, a blockchain-based platform licensed by the Abu Dhabi Global Market’s Financial Services Regulatory Authority, has apparently built ties with Binance, Ripple, and Visa. Antti Arponen, co-founder and CEO of Pyypl, commented on his company’s most recent fintech fundraise, saying, “We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey.”
The fintech added that its current objective is to assist “800 million financially underserved smartphone users” in the region through virtual and physical prepaid cards as well as “user-to-user transfers.” In another report, Arponen is quoted as saying that his company aims to serve a billion users in the region. Pyypl is targeting countries such as Oman and countries in the Gulf Cooperation Council (GCC).
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