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Egyptian fintech company Paymob raises $50m

Main investors in the company's Series B funding were PayPal Ventures, Kora Capital, and Clay Point

Paymob founders. Photo credit: Paymob
Paymob founders. Photo credit: Paymob

Paymob, an Egyptian financial services platform announced it has raised $50 million in Series B funding, led by PayPal Ventures, Kora Capital, and Clay Point led the round

According to the company, the proceeds will be used to turbocharge the company by expanding its product range, reinforcing its leadership in the Egyptian market, and expanding into new markets across the Middle East and Africa (MENA) region. This funding round is the largest ever fintech, Series B in Egypt, and brings the total funding of Paymob to over US$68.5 million.

Paymob builds an omni-channel payment infrastructure to enable businesses to accept digital payments both online and in-store in addition to giving them better access to financial services. The company says that its gateway has the largest number of payment methods in the Egyptian market: in addition to conventional bank cards, it added new payment methods such as mobile wallets, QR payments, bank cards’ instalments, Buy-Now Pay-Later, and consumer finance payment options.

Recently, Paymob partnered with Mastercard to introduce Tap-on-Phone in Egypt – the first of its kind in the country.The company also plans to launch cards for its merchants to enable B2B transactions and build tools for merchants to better manage and grow their business.

“We are thrilled to complete this significant fundraising with the support of such renowned international investors including, PayPal Ventures. said Islam Shawky, Paymob’s Co-founder, and CEO. "The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt's digital financial inclusion ambitions a reality.”

Founded in 2015 by Shawky, Alain El-Hajj (COO) and Mostafa Menessy (CTO), Paymob’s suit of financial technology solutions aims to empower financial services providers across the MENA region, thus helping expand access to finance through innovative mobile wallet technology. According to the company’s website, it already has 12 million users, and over the past seven years has completed over 120 million transactions.

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