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.
Pyypl 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.
Since inception in 2017, Pyypl has raised about $40m from investors in Europe, the US, Asia and the Middle East, including UAE-based venture capital company Global Ventures.
The FinTech, which is based in Abu Dhabi’s global tech ecosystem Hub71, is considering opening a second tranche for further investment due to interest from investors.
Pyypl will also use the proceeds for product development to enhance user experience and support growth in current and new markets.
The ODL solution enables RippleNet, a network of banks and money services businesses that employ solutions developed by Ripple, to use the XRP digital currency as a bridge between two fiat currencies, allowing them to transfer funds economically and instantly across jurisdictions.