Cairo: Paymob, an Egypt-based digital payment provider, has successfully raised $3.5M in funding, led by Global Ventures and the Dutch Entrepreneurial Development Bank FMO, with a follow-on investment by A15.
Paymob’s mobile wallets infrastructure processes more than 85% of the market share of the transactions throughput in the Egyptian market, and serving merchants across five different markets.
They are continuously investing in infrastructure to cater for the digitization of the payment ecosystem by empowering thousands of local and global merchants such as SWVL, ElGouna, Tradeline, Befit, Gourmet, and Metro market, serving millions of customers on a monthly basis with premium online and instore payment products.
The funds will be used to further expand its merchants’ network to meet the continuously rising demand, product development, and establishing a larger regional footprint.
Islam Shawky, Paymob’s Co-founder and CEO said,“These unprecedented times have proven the need for a robust digital payments infrastructure to serve the rising demand from all business types and sizes during the pandemic which resulted in a drastic increase of 450% increase in merchant onboarding rate since the beginning of COVID-19.”
