Egyptian FinTech Paymob raised $50Mn in Series B led by PayPal Ventures, Kora Capital & Clay Point
- ByStartupStory | May 9, 2022
Paymob is a Cairo-based digital payments provider which accounts to the UAE Global Ventures and Egyptian tech investment fund A15 as one of its investors which has raised $50 million in Series B funding. The round was further led by Kora Capital, Paypal Ventures and Clay Point. Among other investors there were Helios Digital Ventures, British International Investment and Nclude.
This announcement was made three months after the Capital Quest reported the Egyptian startup raised Series B funding. FMO was looking forward to bring in $3.9 million as part of the new round. This would then double FMO’s exposure to Paymob. It had previously brought $3 million last year and infused t least $1.35 million in 2020.
Paymob had stood at the top of a Series A funding round last year from Global Ventures. The startup was founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menesy. The company has claimed that its mobile wallet infrastructure processes over 85% of transactions across the Egyptian markets and serves merchants of five countries including Kenya, Pakistan and Palestine.
The company further elaborated that the new funding will be utilised to expand its product range and enhance its presence all across the Egyptian markets and also extend its new markets throughout Middle East and Africa region. The company has also planned to reach to 1 million SMEs across the region. It has also recently announced its entry to Pakistan market.
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