Paymob, an Egyptian fintech firm, has secured $50 million in a Series B round of investment 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 using mobile wallet technology. It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
PayPal Ventures, Kora Capital, and Clay Point have led a $50 million Series B financing for the business, which raised $18.5 million in its Series A round last year and just debuted 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 financing 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 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,” Shawky said.
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 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.”
