Paymob, Egypt-based omni-channel merchant financial services platform, raised $50 million in a Series B funding round. The round was led by Kora Capital, PayPal Ventures, and Clay Point. Investors like Helios Digital Ventures, British International Investment, Nclude, A15, FMO, and Global Ventures also participated.
The startup will use the investment 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.
This is considered to be largest FinTech Series B round in Egypt and brings the total funding of Paymob to over $68.5 million.
“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,” Islam Shawky, Paymob’s Co-founder and CEO, said.
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 plans to launch cards for its merchants to enable B2B transactions and build tools for merchants to better manage and grow their business.
Paymob has recently announced its market entry to Pakistan, this expansion will also be followed by additional markets in the GCC and North Africa.
“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. We’re honored 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,” Ashish Aggarwal, Director, PayPal Ventures, said.
Also read: GrubTech and Paymob partner up to disrupt Egypt’s F&B payment ecosystem
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