PayPal Ventures, Kora Capital, and Clay Point funded Egyptian FinTech Paymob in a $50 million Series B round. Along with existing investors A15, FMO, and Global Ventures, Helios Digital Ventures, British International Investment, and Nclude participated in the round. Paymob has now received over $68.5 million in investment.
Paymob offers an omni-channel payment infrastructure that allows businesses to accept digital payments both online and in-store while also improving their financial services access.
Paymob supports retailers by providing a variety of payment methods such as standard bank cards, mobile wallets, QR payments, bank card installments, Buy-Now Pay-Later, and consumer finance payment options to help them increase transaction volume and profit. Paymob recently teamed up with Mastercard to introduce Tap-on-Phone as a POS solution in Egypt.
The Central Bank of Egypt has been initiating steps to assist FinTech in the country, as well as developing a regulatory framework to aid financial inclusion. Paymob’s co-founder and CEO, Islam Shawky, added: “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.”
Paymob just entered the Pakistani market and intends to expand to other GCC and North African markets. PayPal Ventures Director, Ashish Aggarwal, stated: “Paymob shares our mission and ambition of advancing digital payments adoption – it has made impressive strides in supporting the growth and success of underserved SMBs. We’re honored to be investing at a critical point in their journey, as Paymob scales game-changing solutions to bridge the fintech gap for businesses across the Middle East and Africa.”
Kora Management’s Founder, Nitin Saigal, commented: “We are excited to partner with Paymob as they innovate at scale in the offline merchant acquiring and online payment gateway space. The Paymob team is leveraging key structural changes taking place across Egypt and the Middle East, as these economies evolve from being primarily cash-led to a digital heavy mode of transacting. We look forward to the road ahead.”
The funds will be used to help the company grow by increasing its range of products, solidifying its position in the Egyptian market, and expanding into other countries around the MENA. Paymob also intends to provide cards to its merchants in order to facilitate B2B transactions and develop tools to help them manage and expand their businesses.