Egypt’s Fintech, PayMob, Raises $50 Million from PayPal Ventures

The firm has over 100, 000 merchant customers including the likes of SWVL, Vodafone, and LG

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Egyptian fintech startup, Paymob, has raised a $50 million in Series B funding round to help it launch new products and expand into additional markets.

Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob’s software products enable merchants to accept digital payments online and in-store.

The firm has over 100, 000 merchant customers including the likes of:

  • SWVL
  • Vodafone
  • LG

For an in-depth look into the products and operations of this Egyptian startup, you can click the link in the SEE ALSO section below:

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SEE ALSO: Introducing PayMob – An Infrastructure Enabler Powering 85% of Mobile Wallet Transactions in Egypt

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Paymob’s latest round investors included:

  • PayPal Ventures
  • Kora Capital
  • Clay Point
  • Helios Digital Ventures
  • British International Investment
  • Nclude
  • A15
  • FMO
  • Global Ventures

According to Paymob, the funding will be used to:

  • Expand its product range
  • Steady its presence in the Egyptian market, and
  • Expand into new markets across the Middle East and Africa

Paymob also plans to launch cards for its merchants to enable B2B transactions and build tools for them to better manage and grow their business.

Speaking about the fundraising, Islam Shawky, CEO, Paymob, said:

“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.”

– CEO, Paymob

Speaking on the Paymob investment, Ashish Aggarwal, Director, PayPal Ventures, said:

“We’re honoured 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.”

– Director, PayPal Ventures

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RECOMMENDED READING: 2021 was the Biggest Year for Fintech Startups in Egypt

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