Egyptian Payment Startup, Paymob Secures the Largest Series A Fundraise of $18.5 Million!

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Image Source: Paymob

How does it feel when you pocket a whopping $ 18.5 million to let your venture grow?

Recently Egypt’s leading digital payments provider and Cairo-based Fintech startup, Paymob,  has been able to secure funding of $18.5 million during the Series A phase. The amount is by far the largest Series A funding ever secured by an Egyptian company.

Global Ventures, a venture capital firm based in the UAE led the round. Paymob is all set to use the financial resources for meeting the growing demand, increasing the merchant network, improve its expansion efforts in the region, and increase its range of products.

Paymob was founded by Islam Shawky, Alain El Hajj, and Mostafa Menessy in the year 2015. Paymob is a regional digital payments enabler that designs technological infrastructure for providing financial services  to the underserved. Through this, Paymob has been able to fill the gap regarding the financial services in the MEA region. Digital payments help in leveraging the operations of small and big businesses.

Image Source: Google

The innovative startup is making digital payments accessible and thus collaborating with the Central Bank of Egypt for digital financial inclusion. Moreover, the company is expected to speed up its expansion efforts across other regions including Saudia Arabia during 2021.

Regarding the latest financial influx, Paymob’s co-founder and CEO, Islam Shawky said, “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.”

Mobile wallets powered by Paymob process more than 85 percent of the transactions across the Egyptian market and serve merchants across five markets including Palestine, Kenya, and Pakistan. The startup offers different APIs and products which help offline and online businesses to send and accept payments. The traders can easily integrate the APIs provided by Paymob payments in their mobile apps or websites to accept payments from customers using a range of payment methods like cash on delivery, mobile wallets, and cards.

Hang on for a fact. Paymob is THE only Egyptian FinTech that has expanded beyond the local market and is the largest payment facilitator in Egypt.

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