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Abu Dhabi-based fintech company Pyypl announced on Nov. 7 that it has raised a $20 million Series B round, bringing the total amount raised to nearly $40 million. Pyypl said it plans to use the recently raised funds to develop and add new features to its proprietary technology. The company also hopes to help the region’s “800 million underfunded smartphone users” with virtual and physical prepaid cards.
Pyypl’s Journey to Financial Inclusion
Abu Dhabi-based fintech company Pyypl recently revealed that it has raised $20 million in a Series B funding round to fund its plans to expand into the Middle East and Africa. United Arab Emirates-based venture capital firm Global Ventures is one of ten new and existing investors participating in the round.
The latest financing brings the total raised to date to $40 million and will be used to fund the development and addition of new features to Pyypl’s proprietary technology.
In addition to seeing its number of users quadruple since its last funding, Pyypl (a blockchain-based platform licensed by the Financial Services Authority of Abu Dhabi Global Markets) has reportedly built partnerships with Binance, Ripple and Visa relationship. Antti Arponen, co-founder and CEO of Pyypl, comments on his company’s latest fintech fundraiser, Say:
We welcome our new investors and thank our existing shareholders for further investment to support our financial inclusion journey.
The fintech company added that it now aims to help the region’s “800 million financially underserved smartphone users” through virtual and physical prepaid cards and “user-to-user transfers.”
Meanwhile, Arponen was cited in a separate report saying his company aims to serve 1 billion users in the region. Oman and the Gulf Cooperation Council (GCC) countries are among the target countries for Pyypl.
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