Egypt

Egyptian Payments Firm Paymob Completes Series A Funding Of US$18.5 Million

Egypt’s digital payments provider Paymob announced that it has secured US$15 million in a second tranche of its Series A fundraising activity. It follows a first tranche of US$3.5 million, raised in July 2020.

The capital raise was led by Global Ventures, the UAE-based venture capital firm. It also included A15, a leading tech investment fund and FMO, a Dutch entrepreneurial development bank.

Paymob said that it will use proceeds to continue expanding its merchant network, enhance its suite of products further, and fuel its regional expansion efforts.

The company added that it will accelerate its expansion in Saudi Arabia and other markets across the region, in 2021.

Paymob empowers underserved SMEs with improved and more accessible digital payments offerings as part of the Central Bank of Egypt’s efforts and initiatives towards nationwide digital financial inclusion.

Islam Shawky

Islam Shawky, CEO and Co-Founder of Paymob said,

“We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented. The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this.

This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. All our existing investors have increased their holdings, and we thank them both for their support and the confidence they have in our business model and track record of execution.”