Pyypl, a blockchain technology-based company that provides digital payments and financial services, has raised $11m from a Series A round.
According to FinTech Finance, the predominant Middle Eastern-based firm saw funding from a diverse group of international family offices and HWNI’s. The firm also has bases in central Asia and Africa.
Founded in 2017, Pyypl connects any smartphone owner into the formal financial system and works immediately, and it can be used anywhere, anytime.
The company claims its card services have been used by its rapidly expanding customer base at thousands of merchants globally in over a hundred different currencies by customers from over hundred nationalities.
Pyypl CEO and founder Antti Arponen said,,“Pyypl is on a mission to serve MEA’s huge consumer base. Hundreds of millions of people, whilst having a mobile phone and internet connection, are either completely unbanked, or severely under-served in their daily financial services. The new capital will be deployed to scale our operations in the GCC and Africa – particularly Kenya and Mozambique.
“We welcome all our new investors to our financial inclusion journey, and we couldn’t be more excited to enter the next phase of our growth.”
Pyypl CFO Paul Goldfinch added, “Pyypl is in the right industry, in the right geographies, at the right time, evidenced by the 10x growth in business volumes we have generated in the last 12 months. We are very pleased to have a successful, over-subscribed investment round, and welcome our new investors.”
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