Abu Dhabi-based fintech Pyypl raised $20 million in a Series B funding round.

The company will utilise these funds to expand in the Middle East and African (MEA) regions. Pyypl, which offers financial services including non-bank payment systems, aims to serve 800 million underserved smartphone users from this region, the company said in a statement.

Additionally, Pyypl will utilise the capital in product development and technological advancements. 

“We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey. 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,” Antti Arponen, co-founder of Pyypl said. 

In February, the fintech raised $11 million in a Series A funding round. 
 

Since its inception in 2017, Pyypl is attempting to build a financial ecosystem across the globe and works-closely with multiple organisations including Visa, Ripple, and Binance. 

Last October, it collaborated with US-based blockchain company Ripple to introduce an on-demand liquidity solution for cross-border transfers between the Middle East and the Philippines.