UAE’s Pyypl raises $20m to expand financial inclusion in Middle East and Africa – The National

UAE’s Pyypl raises $20m to expand financial inclusion in Middle East and Africa – The National

UAE-based FinTech Pyypl has raised $20 million in a series B funding round and will use the proceeds to expand its financial inclusion plans in the Middle East and Africa.

A diverse group of international investors and 10 existing investors participated in the funding round, Pyypl said on Monday, without disclosing the details of the investors.

“We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey,” co-founder and chief executive Antti Arponen said.

“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.”

Pyypl (pronounced people) is a blockchain-based platform licensed by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.

It provides digital payments, remittances and a range of other financial services to 800 million smartphone users in the Middle East and Africa region who do not have bank accounts or credit or debit cards.

The digital revolution since the onset of Covid-19 has spurred financial inclusion around the world and led to more people having access to a bank account for the first time, according to the World Bank’s Global Findex 2021 report.

However, about 22 per cent