Paymob raised $3.5 million as its first tranche of Series A funding in July 2020. An additional $15 million was raised from the same investors led by Dubai-based VC firm Global Ventures. Other investors include Egyptian investment fund A15 and Dutch development bank FMO.
The $18.5 million total raise is Egypt’s biggest Series A round to date, as well as one of the largest equity rounds in North Africa.
“We are delighted to lead this momentous fintech fundraise in the region. Paymob has a perfect combination of high-quality technology, product customers increasingly cannot do without, and an outstanding management team, “Basil Moftah, general partner at Global Ventures, said of the investment. “Their market opportunity is also huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built.”
Founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa El Menessy, Paymob enables online and offline retailers to accept purchases from consumers via a variety of products and solutions. Using its APIs, merchants may integrate a payment gateway into their websites or mobile applications. Paymob has a POS solution for offline retailers to accept in-store card payments.
The company provides a payment link option, which allows merchants to share links with their customers in order to accept payments made with mobile wallets. And, according to the firm, its infrastructure processes 85 percent of mobile wallet transactions in Egypt. It also appears to be the country’s largest payment facilitator.
Paymob also operates in Kenya, Pakistan, and Palestine, in addition to Egypt. According to CEO Shawky, the organisation intends to grow into more countries in Sub-Saharan Africa.
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