PayMob Raises $50M in Egypt-Based Series Funding

Introduction

Egypt-Based Paymob 50m Series- Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, proclaimed today it had raised $50 million in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New York-based venture capital Kora Capital, and London-based Clay Point led the round. New participating investors include Helios Digital Ventures, British Global Investment (formerly the CDC Group), and Include, the venture fund launched by Global Undertakings and three Egyptian banks. Existing savers from its $18.5 million Series A last April A15, FMO, and Global Ventures doubled down.

The round, one of the largest in Egypt and MENA at this stage, brings Paymob’s total funding to over $68.5 million. Paymob works with business and dealers of all sizes. Its omnichannel payment infrastructure allows them to accept expenditures via various methods, which CEO Islam Shawky claims to be the largest in Egypt. These options include bank cards, mobile wallets, QR payments, bank card payments, BNPL, and consumer finance sum options. Paymob also has a POS solution for offline wholesalers where they can obtain in-store card payments.

What is Paymob?

Paymob runs millions of transactions across the Middle East and Africa for different business sizes. Start using Paymob’s solutions and APIs to accept and send payments for your online business. Accept online payments instantly and create seamless buying experiences using various secured payment methods. Set up more in-store payment options and grow your business directly with a ready-to-use, out-of-the-box integrated POS solution.

Manage and securely distribute mass payouts to suppliers and employees via various regulated payment methods. All-in-one solution Paymob Sync is an end-to-end cashless solution that provides the technology, infrastructure, processes, and needs hardware to enable cashless services and ecosystems. Integrate some solutions easy with existing systems and more with robust APIs. Built to preserve the simplicity and allow flexibility, PayMob’s APIs deliver quick and powerful capabilities.

What does Paymob do?

Paymob, a financial technology company based in Cairo, Egypt, builds infrastructures for the digital economy. Our mission is to fuel SME growth by offering a payments gateway that delivers the most innovative digital payment methods to businesses of all sizes.

What is Paymob Funding?

Egyptian merchant financial services Paymob has raised $50 million in Series B financing, reportedly the most significant funding for a FinTech in that country. According to a Monday (May 9) report by Tech Funding News, the round brings the total funding raised by Paymob to $68.5 million. And also, The company will use the capital to enlarge its product range and move. And also, In to new markets throughout the Middle East and Africa.

Founded in 2015, Paymob’s payment infrastructure lets businesses accept payments online and in-store while also providing better access to financial services. Last year the company saw its monthly volumes quadruple year-over-year, as it onboarded 10,000 merchants in less than two and a half years to reach 1 million businesses.

Paymob 50m Series

Cairo-based FinTech Paymob and Riyadh-based restaurant technology provider Foodics announced that they have partnered to provide point-of-sale (POS) devices to the hospitality sector in Egypt. And also, The new partnership will integrate Paymob’s POS devices into Foodist’ cloud-based restaurant management system, enabling businesses using the platform to expand their acceptance of card payments, according to a Tuesday (Nov. 22) press release emailed to PYMNTS. Banque Miser will act as the acquiring bank in the arrangement.

The integration will combine Paymob’s real-time payments dashboard with Foodies’ platform interface, giving restaurant operators visibility over their financial data, per the release. “Tech enablement and the digital economy are critical factors for accelerating the [food and beverage] industry’s growth,” Foodies Country Manager for Egypt Belal Zahran said in the announcement. “By bringing Foodies and Paymob together, two regional technology powerhouses. And also, In this will advance the shift to cashless payments, fueling both growth and digital transformation.”

Egypt-Based Paymob 50m Series

Paymob, Egypt’s market-leading omnichannel merchant financial services platform, announced it had raised $50 million in Series B funding. The profits will be used to turbocharge the company by expanding. And also, Its product range, reinforcing its leadership in the Egyptian market. And also, It increasing into new markets crosswise the Middle East and Africa.

Kora Capital, PayPal Ventures, and Clay Point led the round. Other new participating investors included Helios Digital Ventures, British International Investment, and Include. All existing investors participated, including A15, FMO, and Global Ventures.

This funding round is the largest ever fintech Series B in Egypt. And also, The egypt-based paymob 50m series is brings the total financing of Paymob to over US$68.5 million. And also, The making it one of the most funded companies in the region and coming at a pivotal time. Of an unprecedented wave of digital transformation across the region.

Conclusion

Paymob claims to serve merchants in other markets, including Kenya and Palestine; however, it has yet to gain a foothold in these regions. Instead, the company has a few GCC and North African markets in mind. Such as this growth funding provides the firepower to gain a foothold there. Paymob will also target a larger market share in Egypt and launch more offerings across its product suite. It including expense management software and working capital provision. This is PayPal’s first investment in MENA and appears to be CVC’s second in Africa. It after South African open finance startup Stitch. Despite a global slowdown in venture capital (not yet reflected as strongly in Africa). The PayPal’s involvement continues a trend from last year. In which international investors made their first deals, particularly in fintech, a sector in its 60th century. Then, % of total venture capital represented funds.

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