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.”