Paymob secures $3.5m in funding to help bolster financial inclusion in Egypt

Egyptian digital payments company Paymob has secured $3.5m in its funding round, which was led by Global Ventures and Dutch Entrepreneurial Development Bank FMO.

Previous Paymob backer A15 also contributed to the round.

The fresh equity will be used to expand the company’s merchants’ network to meet rising demand. Capital will also be used to increase product development and increase its regional footprint.

Paymob has the goal of making digital payments more accessible in Egypt and driving the country towards greater financial inclusion.

It also hopes to accelerate its expansion in Africa and the GCC to bring payment services to more people. Its services are currently available in Egypt, Kenya, Pakistan and Palestine.

Paymob claims that its mobile wallet infrastructure processes over 85% of the market share of transactions in Egypt.

Its solutions include point-of-sale payment terminals, digital payment processing and digital payout management.

Paymob co-founder and CEO Islam Shawky said, “In a world where consumers are currently adopting digital products in all aspects of their lives, now is the time to invest in Paymob products to empower the digital economy.

“These unprecedented times has 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 on-boarding rate since the beginning of Covid-19.”

Fellow Egyptian FinTech  ElGameya closed a six-figure investment earlier in the month. The company offers a group lending app which encourages a community to help each other out.

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