Pyypl announces it has closed a $11 million series A funding round with participation from a diverse group of international family offices and HNWI’s. Pyypl will use the funds to continue its rapid growth in its GCC markets, and expand further in Africa, particularly Kenya and Mozambique.
The blockchain technology-based company provides digital payments and financial services for smartphone users to carry out online transactions, without the need for a bank account or credit card.
Backed by a diverse group of investors from Europe, North America, Asia, and the Middle East – the funding round was oversubscribed. This follows significant investment in previous rounds from Global Ventures, an UAE-based, international venture capital firm.
“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,” Antti Arponen, Founder and CEO of Pyypl, commented.
Headquartered in United Arab Emirates, Pyypl was awarded a prestigious “2021 Global Visionary” award by Ripple, and recently became the first-ever company in the Middle East to deploy a “Blockchain On-Demand Liquidity” solution for its customer cross-border transfers, in partnership with Ripple. Earlier in 2021, Visa and Pyypl announced a Middle East and Africa Strategic Partnership Agreement, further positioning Pyypl as a leader in the region’s FinTech sector.
“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 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,” Paul Goldfinch, Pyypl CFO, added.
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