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 of the GCC’s population is unbanked, compared with 60 per cent in North Africa, according to a report by consultancy Strategy&.
Seventy-nine per cent of young adults in the Mena region are unbanked and 72 per cent of the poorest citizens can benefit from financial inclusion, according to the Arab Monetary Fund.
It is this demographic that Mr Arponen aims to tap into with Pyypl, which he started working on in 2017 with co-founder Phil Reynolds.
In February, Pyypl raised $11m in a series A financing round to fund its expansion in core GCC markets and Africa, particularly in Kenya and Mozambique.
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 platform said.
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, it said.
Pyypl will also use the proceeds for product development to enhance user experience and support growth in current and new markets.
The FinTech has grown more than four times in terms of user numbers, transaction volumes and revenue since its series A round earlier this year, the company said.
Last October, the company teamed up with US blockchain technology company Ripple to introduce an on-demand liquidity (ODL) solution for cross-border transfers between the Middle East and the Philippines.
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, the two companies said at the time.
Pyypl also offers its own cross-border remittance service to about 60 countries.
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
HAJJAN
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