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Antti Arponen, Binance, Financial Inclusion, Fintech, Global Ventures, Gulf Cooperation Council (GCC), Pyypl, Ripple, Series B, Smartphones, VISA
Abu Dhabi Fintech Startup Raises $20M in Series B Funding Round – Emerging Markets Bitcoin News
Abu Dhabi-based fintech, Pyypl, announced on November 7 that it had raised $20 million in Series B funding, bringing its total funds raised to nearly $40 million. Pyypl has said it plans to use the newly raised funds to develop and add new features to its proprietary technology. The company further wants to help “800 million financially underserved smartphone users” from the region through virtual and physical prepaid cards.
Pyypl’s financial inclusion journey
Pyypl, an Abu Dhabi-based fintech, recently disclosed that it had raised $20 million in a Series B round to fund its planned expansion into the Middle East and Africa. The United Arab Emirates-based venture capital company Global Ventures is one of the ten new and existing investors that participated in the round.
The latest round of capital raising, which brings the total raised so far to $40 million, is set to fund the development and addition of new features to Pyypl’s proprietary technology.
In addition to seeing the number of users quadruple since its previous capital raising, Pyypl – a blockchain-based platform licensed by the Abu Dhabi Global Market’s Financial Services Regulatory Authority – has reportedly established relationships with Binance, Ripple and Visa. Commenting on the firm’s latest fintech fundraising, Antti Arponen, co-founder and CEO of Pyypl, said:
We welcome our new investors and appreciate the continued investment from our existing shareholders in support of our financial inclusion journey.
The fintech added that it now aims to help “800 million financially underserved smartphone users” from the region through virtual and physical prepaid cards as well as “user-to-user transfers”.
Meanwhile, Arponen is quoted in another report as saying that his firm aims to serve one billion users from the region. Oman and countries in the Gulf Cooperation Council (GCC) are among the countries targeted by Pyypl.
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