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.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Rating: 4/5
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
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%3Cp%3E5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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Our legal consultant
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
