UAE-Based Fintech Startup Pyypl Raises $20 Million in Series B Round

Pyypl, a UAE-based fintech startup, has raised $20 million in a Series B funding round from a diverse group of international investors and 10 existing investors.

Founded in 2017 by Antti Arponen, Pyyl is a blockchain-based platform providing digital payments and financial services to users in the Middle East and Africa. According to the company, it enables digital payments to 800 million smartphone users who do not have bank accounts or credit cards in the region.

“We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey,” Antti Arponen, Co-Founder and CEO of Pyypl, tells StartupScene. “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.”

In February, Pyypl raised $11 million in a Series A round to expand to the GCC and African markets, particularly Kenya and Mozambique, bringing its total investments raised to $40 million since inception. The company claims that it has grown more than four times since last year in terms of user numbers, transaction volumes, and revenues.

The new funding will be used to expand financial inclusion in the MEA region, and invest in product development to further enhance user experience.

Investments in fintech have been booming in the MENA region so far this year. According to data platform Magnitt, fintech investments in the region reached $819 million in H1 2022, with most of the funding going to the UAE, Saudi Arabia, and Egypt.