Egyptian Fintech company Paymob raised $50m in a Series B round of funding led by PayPal Ventures, Kora Capital, and Clay Point.
The round also saw participation from Helios Digital Ventures, British International Investment, and Nclude, along with existing investors A15, FMO, and Global Ventures.
This round brings Paymob’s total funding up to more than $68.5m.
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.
It also offers various payment methods, including conventional bank cards, mobile wallets, QR payments, bank cards’ installments, Buy-Now Pay-Later plans, and consumer finance payment options to support merchants in increasing their volume of transactions and growing revenues.
Recently, Paymob partnered with Mastercard to introduce Tap-on-Phone payment in Egypt as a POS solution.
The Central Bank of Egypt (CBE) has been introducing initiatives to support Fintech in the country and has also devised a regulatory framework aiming to aid financial inclusion.
Islam Shawky — Paymob’s Co-founder and CEO — said that: “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.”
“ The CBE’s initiatives that are being introduced in the market to support fintech companies were key to Paymob’s growth, as the bank has created a regulatory framework to help fintech flourish and participate in making Egypt’s digital financial inclusion ambitions a reality.”
Paymob recently entered the Pakistani market and is planning to expand to additional markets in the GCC and North Africa.
“Paymob shares our mission and ambition of advancing digital payments adoption, and it has made impressive strides in supporting the growth and success of underserved SMBs,” said Ashish Aggarwal, — Director of PayPal Ventures.
“We’re honoured to be investing at a critical point in their journey, as Paymob scales game-changing solutions to bridge the fintech gap for businesses across the Middle East and Africa.”
For his part, Nitin Saigal — Founder of Kora Management — said: “We are excited to partner with Paymob as they innovate at scale in the offline merchant acquiring and online payment gateway space. The Paymob team is leveraging key structural changes taking place across Egypt and the Middle East, as these economies evolve from being primarily cash-led to a digital-heavy mode of transacting. We look forward to the road ahead.”
The proceeds from the funding will be used to turbocharge the company by expanding its product range, steadying its presence further in the Egyptian market, and expanding into new markets across the Middle East and Africa region.
Paymob also plans to launch cards for its merchants to enable B2B transactions and build tools for them to better manage and grow their business.
