Egyptian FinTech Paymob has raised $50m in a Series B funding round headed by Kora Capital, PayPal Ventures and Clay Point.
Also taking part in the round were Helios Digital Ventures, Nclude, British International Investment, A15, FMO and Global Ventures. Following the raise, Paymob has raised $68.5m in total funding.
Paymob is a payment service provider and payment aggregator that helps businesses get paid wherever their customers are. The firm’s services facilitate both online and offline payment channels with a set of tools to accept payments whether online, via mobile, on delivery or in store and whether paid by card, mobile wallet, cash or in instalments.
The company saw strong growth of its platform last year, with the number of merchants and monthly volumes growing by 4x year-on-year as of December. Paymob also onboarded over 100,000 merchants in less than two and a half years.
According to Paymob, the proceeds will be used to turbocharge the firm, by expanding its product range, reinforcing its leadership in Egypt and expanding into new markets across the Middle East and Africa.
Paymob co-founder and CEO Islam Shawky said, “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.
“Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob’s growth. The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt’s digital financial inclusion ambitions a reality.”
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