Pyypl, a blockchain technology-based provider of digital payments and financial services, recently announced that it has raised $11 million in the Series A investment round to continue its rapid growth in the GCC markets.
Moreover, the UAE-headquartered firm is planning to expand its presence in Africa, particularly Kenya and Mozambique. According to the details shared by Pyypl, the latest round saw participation from a diverse group of investors from North America, the Middle East, Asia and Europe.
Last year, Pyypl formed a partnership with the blockchain firm, Ripple. The financial services provider joined hands with Visa recently. Through the latest funding, Pyypl aims to increase the adoption of digital tools in the payment industry.
“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, the Founder and CEO of Pyypl, commented.
Last week, Tribal, a B2B payments and financing platform for emerging markets, received $60 million in funding to expand across Latin America.
Fintech Sector
Last year, global fintech funding touched a record high. UK’s financial technology sector alone attracted $37.3 billion in 2021, which is up nearly seven times compared to 2020.
“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’s CFO, added.
