UAE-headquartered fintech Pyypl closed an $ 11 million series A financing round that the start-up will use to scale their operations.
The international 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. International family offices and high-net-worth individuals from Europe, North America, Asia, and the Middle East funded the latest round, which was over-subscribed, according to a statement from the company.
“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, said.
Pyypl’s card services have been used by thousands of merchants globally, in over a hundred different currencies, by customers from over a hundred nationalities.
“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,” Paul Goldfinch, Pyypl CFO, said.
Pyypl’s solutions cover remittance corridors in the region, and “the company is excited about expanding its availability of essential financial services including remittance products to further Middle East and African markets in 2022,” the statement said.
