Paymob Raises Funds For Expansion And To Expand Product Range
Paymob, Egypt’s market-leading omnichannel merchant financial services platform, announced it has raised $50 million in Series B funding. The proceeds will be used to turbocharge the company by expanding its product range, reinforcing its leadership in the Egyptian market, and expanding into new markets across the Middle East and Africa region. Kora Capital, PayPal Ventures, […]
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From (L-R): Mostafa Menessy, Cofounder & CTO, Islam Shawky, Cofounder & CEO and Alain El Hajj, Co Founder & COO
Paymob, Egypt’s market-leading omnichannel merchant financial services platform, announced it has raised $50 million in Series B funding.
The proceeds will be used to turbocharge the company by expanding its product range, reinforcing its leadership in the Egyptian market, and expanding into new markets across the Middle East and Africa region.
Kora Capital, PayPal Ventures, and Clay Point led the round. Other new participating investors included Helios Digital Ventures, British International Investment, and Nclude. All existing investors including A15, FMO, and Global Ventures also participated.
This funding round is the largest ever fintech, Series B in Egypt, and brings the total funding of Paymob to over US$68.5 million making it one of the most funded companies in the region and comes at a pivotal time of an unprecedented wave of digital transformation across the region.
Paymob builds an omni-channel payment infrastructure to enable businesses to accept digital payments both online and in-store in addition to giving them better access to financial services. Paymob’s gateway has the largest number of payment methods in the Egyptian market; in addition to conventional bank cards, Paymob added new payment methods such as mobile wallets, QR payments, bank cards’ instalments, Buy-Now Pay-Later, and consumer finance payment options to support merchants in increasing their volume of transactions and growing revenues.
“We are thrilled to complete this significant fundraising with the support of such renowned international investors including, PayPal Ventures, the venture capital arm of a global pioneer in the digital payment space. It is a major endorsement of the strategy we have implemented to date and the scale of the opportunities we can harness,” said Islam Shawky, Paymob’s Co-founder, and CEO.
He added that “Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob’s growth. The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt’s digital financial inclusion ambitions a reality.”
