UAE-headquartered fintech, Pyypl has closed an $11 million Series A financing round to continue its growth in the GCC market and expand further in Africa.
The global blockchain technology-based company offers 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 international family offices and high-net-worth individuals (HNWI) from Europe, North America, Asia, and the Middle East, the funding round was over-subscribed. This follows significant investment in previous rounds from Global Ventures, a 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. 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.”
The MEA region is ripe for fintech sector growth, and Pyypl is carving out a niche position. The region has two billion people and it is the fastest-growing, with a high adoption rate of smartphones. Despite this, the majority are without access to essential financial services and there is no multi-billion-dollar fintech company.
Mr. Paul Goldfinch, CFO of Pyypl, remarked that “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.”
Pyypl’s card services have been used by its rapidly expanding customer base at thousands of merchants globally, in over a hundred different currencies, by customers from over a hundred nationalities.
With connections to numerous global financial institutions facilitating cross-border money transfers, Pyypl’s solutions cover many key remittance corridors in the region, and the company is looking to expand the availability of its essential financial services including remittance products to further the MEA markets in 2022.