Pyypl raises $20 million Series B to expand across MEA
Middle East and Africa (MEA) focused financial services platform, Pyypl - pronounced “People” - has announced the close of a $20 million Series B round from a diverse group of international investors and ten existing investors.
- Launched in 2017, Pyypl has raised a cumulative sum of $40 million and this latest round will enable the company further expand its reach across the Middle East and Africa region.
- Due to increased investor interest, Pyypl says it's considering opening a second tranche for further investment.
- Led by an experienced management team, Pyypl is one of the fastest growing fintechs in MEA. Pyyple claims to have gained great traction since its Series A just a year ago, growing over four times in terms of user numbers, transaction volumes and revenues.
- Pyypl’s offers key financial services in one app for the 800 million financially underserved smartphone users across Africa and the Middle East, via internationally accepted virtual and physical prepaid cards.
- It also offers instant domestic and international user-to-user transfers as well as remittances to 38 currency destinations. The company disclosed that it has a strong pipeline of additional products.
- With this funding, the startup will build Pyypl 2.0, using the company's proprietary technology platform to enhance user experience and facilitate scaling in current and new markets.
