Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round

Abu Dhabi-based fintech, Pyypl, announced connected Nov. 7 that it had raised $20 cardinal successful Series B backing and this brought the full of funds raised to astir $40 million. Pyypl has said it plans to usage the precocious raised funds to make and adhd caller features to its proprietary technology. The institution further wants to assistance “800 cardinal financially underserved smartphone users” from the portion done virtual and carnal prepaid cards.

Pyypl’s Financial Inclusion Journey

Pyypl, an Abu Dhabi-based fintech, precocious revealed it had raised $20 cardinal successful a Series B round, to money its planned enlargement into the Middle East and Africa. United Arab Emirates-based task superior institution Global Ventures is 1 of the 10 caller and existing investors that participated successful the round.

The latest superior raise, which brings the full raised truthful acold to $40 million, is acceptable to money the improvement and summation of caller features to Pyypl’s proprietary technology.

In summation to seeing the fig of its users quadruple since its erstwhile superior raise, Pyypl — an Abu Dhabi Global Market’s Financial Services Regulatory Authority licensed blockchain-based level — has reportedly established relationships with Binance, Ripple, and Visa. Commenting connected his firm’s latest fintech fundraise, Antti Arponen, the co-founder and CEO astatine Pyypl, said:

We invited our caller investors and admit the further concern from our existing shareholders successful enactment of our fiscal inclusion journey.

The fintech added that its nonsubjective present is to assistance “800 cardinal financially underserved smartphone users” from the portion done virtual and carnal prepaid cards arsenic good arsenic “user-to-user transfers.”

Meanwhile, Arponen is quoted successful different study stating that his steadfast is aiming to service a cardinal users from the region. Oman and countries successful the Gulf Cooperation Council (GCC) are among the countries that Pyypl is targeting.

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