Egyptian startup, Paymob completes $50 million in a Series B funding round
Paymob, an Egyptian fintech firm, received $50 million in funding from PayPal Ventures, Kora Capital, and Clay Point.
Additional investors included Helios Digital Ventures, British International Investment (formerly the CDC Group), Nclude, and three Egyptian banks.
Paymob is a digital payments platform for emerging markets that enables small and large enterprises to take payments both online and in-store. Alain El Hajj, Islam Shawky, and Mostafa Menessy formed it in 2015.
Paymob also has a point-of-sale system that allows offline merchants to accept card payments in their stores.
“Our goal is to assist shops in growing,” CEO Shawky stated in a statement. So, whether a little business or a multinational organization, we provide merchants with the ability to accept all of those payment methods, increasing the likelihood of customers purchasing and, presumably, increasing revenue.”
Over 35,000 local and international firms used Paymob’s payment gateways last year, including Swvl, LG, Breadfast, and Homzmart.
The number of merchants has more than tripled to over 100,000, with Vodafone, LG, Virgin, Chalhoub Group, and Decathlon among them.
Paymob has already raised $68.5 million in total fundraising since its inception.
