Pyypl provides digital payments, remittances and a range of other financial services for 800 million smartphone users in the Middle East and Africa. Photo: Pyypl
Pyypl provides digital payments, remittances and a range of other financial services for 800 million smartphone users in the Middle East and Africa. Photo: Pyypl
Pyypl provides digital payments, remittances and a range of other financial services for 800 million smartphone users in the Middle East and Africa. Photo: Pyypl
Pyypl provides digital payments, remittances and a range of other financial services for 800 million smartphone users in the Middle East and Africa. Photo: Pyypl

UAE's Pyypl raises $20m to expand financial inclusion in Middle East and Africa


Deepthi Nair
  • English
  • Arabic

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.

Pyypl co-founder Antti Arponen set up the blockchain-based app to help the underbanked population in the Middle East and Africa region. Photo: Pyypl
Pyypl co-founder Antti Arponen set up the blockchain-based app to help the underbanked population in the Middle East and Africa region. Photo: Pyypl

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.

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Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

The years Ramadan fell in May

1987

1954

1921

1888

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While you're here
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

The biog

Age: 35

Inspiration: Wife and kids 

Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow  by Daniel Kahneman

Best Travel Destination: Bora Bora , French Polynesia 

Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track

Updated: May 30, 2023, 11:31 AM