4u Created
Image default
Crypto

Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round – Emerging Markets Bitcoin News


Abu Dhabi-based fintech, Pyypl, announced on Nov. 7 that it had raised $20 million in Series B funding and this brought the total of funds raised to nearly $40 million. Pyypl has said it plans to use the recently raised funds to develop and add new features to its proprietary technology. The company further wants to assist “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 revealed it had raised $20 million in a Series B round, to fund its planned expansion into the Middle East and Africa. 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 capital raise, 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 its users quadruple since its previous capital raise, Pyypl — an Abu Dhabi Global Market’s Financial Services Regulatory Authority licensed blockchain-based platform — has reportedly established relationships with Binance, Ripple, and Visa. Commenting on his firm’s latest fintech fundraise, Antti Arponen, the co-founder and CEO at Pyypl, said:

We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey.

The fintech added that its objective now is to assist “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 stating that his firm is aiming to serve a billion users from the region. Oman and countries in the Gulf Cooperation Council (GCC) are among the countries that Pyypl is targeting.

Tags in this story
Antti Arponen, Binance, financial inclusion, Fintech, Global Ventures, Gulf Cooperation Council (GCC), Pyypl, Ripple, Series B, smartphones, VISA

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Related posts

‘Durmientes’ Aims to Be One of the First Films Funded Fully With NFT Sales in Latam – News Bitcoin News

Bitfarms Adds 18 MW of Capacity to ‘The Bunker’ — Miner’s Daily Production Taps 16.8 BTC per Day – Mining Bitcoin News

QNT Extends Recent Gains, Climbing by 10% on Saturday – Market Updates Bitcoin News