Paymob, an Egyptian fintech startup, has raised $50 million in a Series B round of funding to help it develop new products and grow into new countries.
Paymob is an infrastructure technology enabler that provides payment solutions to empower digital financial service providers through mobile wallet technology. It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
PayPal Ventures, Kora Capital, and Clay Point led a US$50 million Series B financing for the firm, which closed a US$18.5 million Series A deal last year and recently launched in Pakistan. The round, which included current investors A15, FMO, and Global Ventures, as well as Helios Digital Ventures, British International Investment, and Nclude, takes Paymob’s total fundraising to about US$70 million.
The funds will be used to develop the company’s product line, maintain its foothold in the Egyptian market, and expand into other countries in the Middle East and Africa. Paymob also intends to provide cards to its merchants in order to facilitate B2B transactions and develop tools to help them manage and expand their businesses.
“We are ecstatic to have completed this significant fundraising with the help of such illustrious international investors as PayPal Ventures, the venture capital arm of a global pioneer in the digital payment space,” says the company. It’s a huge affirmation of the strategy we’ve put in place so far, as well as the scope of the potential we can tap into,” Shawky added.
Paymob plans to expand to more regions in the GCC and North Africa after recently entering the Pakistani market.
“Paymob shares our mission and ambition of advancing digital payments adoption – it has made impressive strides in supporting the growth and success of underserved SMBs,” said PayPal Ventures’ Ashish Aggarwal. “We’re thrilled to be investing at such an important stage in Paymob’s development, as they scale game-changing solutions to close the fintech gap for businesses across the Middle East and Africa.”
