Pyypl, which aims to support the financially underserved in the Middle East and Africa (MEA), has raised $20m for its Series B.
The investment was supplied by a group of unnamed international investors and ten existing backers.
Having closed the round, Pyypl is considering opening a second tranche due to more interest from investors.
With the fresh funds, the FinTech company plans to expand its reach across the MEA region and bolster its product development efforts. It is currently building new features that will enhance user experience and facilitate scaling in current and new markets.
Pyypl previously raised $11m for its Series A round in February 2022. Since then, the FinTech company claims to have grown four times, in terms of user numbers, transaction volumes and revenues.
Based in Abu Dhabi, Pyypl offers financial services through a single app, with the aim of helping the 800 million financially underserved smartphone users across the MEA. Its app supports internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers, and remittances to 38 currency destinations.
It has established partnerships with Visa, several payment gateway partners, Ripple, Binance and more.
Pyypl co-founder and CEO Antti Arponen said, “We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey. We have grown significantly since our Series A round and are excited to enter the next phase of growth and capability. This is just the beginning.”
With the close of the round, the FinTech company has raised almost $40m in funding.
Earlier in the year, social investing network eToro received an ‘In-Principle Approval’ to operate as a securities, derivatives and crypto broker in Abu Dhabi. This approval for a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), means eToro will establish a base to offer its services to customers across the region.
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