Paymob, an Egyptian financial technology firm, has completed a Series B funding round, raising $50 million in fresh capital to help it develop new products and grow into new countries.
Paymob is an infrastructure technology enabler that provides payment solutions to empower digital financial service providers through mobile wallet technology. It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
PayPal Ventures, Kora Capital, and Clay Point led a US$50 million Series B financing for the firm, which closed a US$18.5 million Series A deal last year and recently launched in Pakistan. The round, which included current investors A15, FMO, and Global Ventures, as well as Helios Digital Ventures, British International Investment, and Nclude, takes Paymob’s total fundraising to about US$70 million.
The funds will be used to develop the company’s product line, maintain its foothold in the Egyptian market, and expand into other countries in the Middle East and Africa. 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.
“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,” Shawky said.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.