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Abu Dhabi-based fintech startup Piper Raised $20 million in Series B funding from new and existing investors.
The company said the total investment in the latest round is close to $40 million. The funding will be used for expansion in the Middle East and Africa (MEA), as well as for product development and new capabilities that add to the company’s proprietary technology.
The company, which is based in Abu Dhabi’s global tech ecosystem Hub 71, which provides financial services including non-bank payment services, said it has quadrupled its number of users since its Series A funding round in 2021.
According to a statement, it has entered into key partnerships with Visa, Ripple and Binance.
“We welcome our new investors and thank our existing shareholders for their further investment to support our journey to financial inclusion,” said co-founder and CEO Antti Arponen.
Pyypl said it aims to serve the 800 million financially underserved smartphone users in the MEA region through virtual and physical prepaid cards, user-to-user transfers, and remittances.