UAE digital wallet startup Pyypl has closed a US$20 million Series B funding round from a group of new and existing investors, and says that it is considering opening a second tranche for further investment.
Founded in 2017, Pyypl is based in Hub71, Abu Dhabi’s tech hub. The company has raised at least US$31 million to date, having closed its US$11 million Series A in early 2022.
Pyypl’s blockchain-enabled app includes features such as a multi-currency digital wallet, a Mastercard virtual prepaid card, domestic user-to-user transfers, and mobile airtime top ups.
The company says that it has grown by over four times in terms of user numbers, transaction volumes and revenues in the past year, and that its payment gateway partners include Ripple and Binance.
According to Pyypl’s website, it is currently operational in the Abu Dhabi Global Market (ADGM) and Bahrain, and is currently seeking authorisation to operate in Kenya, Mozambique, and Kazakhstan.
“We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey. We have grown significantly since our Series A round and are excited to enter the next phase of growth and capability,”
said Antti Arponen, Co-Founder and CEO of Pyypl.
