Dubai-based fintech Pyypl has landed $20 million in a Series B investment round as it looks to expand its reach across the Middle East and Africa (MEA).
The round saw participation from new international investors and 10 existing investors. The company is also considering reopening the Series B for further investment due to strong interest.
Founded in 2017, Pyypl has raised nearly $40 million to date. The Series B will enable the fintech to build out its product suite, with Pyypl 2.0 adding new features to the firm’s proprietary tech platform designed to enhance the user experience and facilitate the company’s growth in current and new markets.
The international paytech partners with investors, banks and payment networks such as Visa, Ripple and Binance. It leverages blockchain technology to plug in the 800 million smartphone users in the Middle East and Africa who are financially underserved, enabling digital payments across the region.
Pyypl CEO and co-founder Antti Arponen says the company has “grown significantly” since its Series A round earlier this year and is entering “the next phase of growth and capability”. Since the Series A, Pyypl claims to have grown more than 4x in terms of user numbers, transaction volumes and revenues.