Pyypl raises $11m in early-stage funding

Pyypl, a UAE-based fintech, has raised $11 million in an early-stage fundraising round, which it will utilize to expand further in Africa and continue to grow in its key GCC markets.

Pyypl, which is approved by the Abu Dhabi Global Market’s Financial Services Regulatory Authority, provides digital payment solutions to the Middle East and Africa’s one billion unbanked smartphone users.

Pyypl said in a statement on Thursday that a varied collection of worldwide family offices and high-net-worth people from Europe, North America, Asia, and the Middle East joined in the company’s current investment round.

“The new capital will be deployed to scale our operations in the GCC and Africa – particularly Kenya and Mozambique,” Antti Arponen, founder and chief executive of Pyypl, said.

Pyypl’s current funding round was led by Global Ventures, a venture capital firm based in the United Arab Emirates, according to the company.