UAE-based Pyypl raises $20 million for its mobile financial services platform

UAE-based payments fintech Piper Raised $20 million in Series B funding, which will allow it to expand its mobile-based financial services platform.

The fintech company pronounced like “people” was founded in 2017 by Antti Aponin, former chief digital officer for Virgin Mobile in the Middle East and Africa. Arponen is leveraging expertise in the mobile sector to provide a financial services platform that uses blockchain to provide users with many different services – including digital wallets, prepaid cards, peer-to-peer money transfers, mobile airtime top-ups and other country-specific service features .

The fintech has now raised nearly $40 million since its inception five years ago and is rapidly expanding; it has licensed three new markets and is poised to enter another 12 countries in the Middle East and Africa (MEA) . The latest capital injection will allow it to focus on product development, build new capabilities leveraging the company’s proprietary technology platform, and accelerate its expansion strategy by entering new markets in the MEA region.

Pyypl “Growth Significantly” Since Earlier Series A

It already claims to be one of the fastest growing fintech companies in the MEA, quadrupling in terms of user numbers, transaction volume and revenue, while achieving “healthy gross margins”, suggesting it has the potential for sustainable growth.

The cash raised comes less than a year after Pyypl’s $11 million Series A funding round. The latest investment comes from “international investors and ten existing investors,” Pyypl said, and due to additional interest from backers, the company is considering opening a second tranche as part of its Series B.

Antti Arponen, co-founder and CEO of Pyypl, said: “We welcome our new investors and thank our existing shareholders for their further investment to support our journey to financial inclusion. Since our Series A funding, we have Has grown significantly and is excited to enter the next phase of growth and capabilities. This is just the beginning.”