News
Pyypl Growth To Accelerate After $20 Million Investment
The Abu Dhabi-based financial platform continues to go from strength to strength, with sights set on a huge regional expansion.
Pyypl (pronounced “people”), the Middle East and Africa-focused financial services platform, has just secured $20 million in Series B funding from international investors, as well as ten of its existing backers.
Since being founded in 2017, the Hub71 member has raised nearly $40 million in investment capital. This recent financing round will help the platform increase its reach even deeper into the MEA region.
As the company develops what’s known as “Pyypl 2.0”, new features and proprietary technology will also be built to enhance user experience and help scale in new markets and business verticals. Pyypl is led by a skilled management team with a proven track record and is now one of the fastest-growing fintech companies in the region, quadrupling its user base and transaction volumes in just 12 months.
Pyypl has established key partnerships since its foundation, and now boasts a mature and expansive financial ecosystem that includes Visa, several payment gateway partners, Ripple, and Binance. Based in Hub71, Abu Dhabi’s global tech ecosystem, Pyypl also gains access to a wide-ranging network of partners and benefits from a strong local talent base.
Also Read: Paymob Announces New UAE Regional Hub
The combination of proprietary technology, an experienced management team, and a unique multi-product approach is paying dividends for the startup, which seems to have been founded at the exact right time to benefit from the region’s growing tech landscape. The ecosystem boasts “internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers as well as remittances to 38 currency destinations”, with plenty of additional features being added to the roadmap.
“We welcome our new investors and appreciate the further investment from our existing shareholders to support 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,” says Antti Arponen, co-founder and CEO at Pyypl.
Pyypl’s platform offers key financial services via a single app, and could benefit up to 800 million financially underserved smartphone users across Africa and the Middle East.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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