Egyptian fintech startup Paymob has raised a US$50 million 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 is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
The startup, which closed a US$18.5 million Series A funding round last year and recently launched in Pakistan, has announced a US$50 million Series B round, led by PayPal Ventures, Kora Capital, and Clay Point. The round, which also saw participation from Helios Digital Ventures, British International Investment, and Nclude, alongside existing investors A15, FMO, and Global Ventures, brings Paymob’s total funding to almost US$70 million.
The proceeds will be used to turbocharge the company by expanding its product range, steadying its presence in the Egyptian market, and expanding 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.
“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.
Having recently entered the Pakistani market, Paymob is planning to expand to additional markets in the GCC and North Africa.
“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,” said Ashish Aggarwal, director of PayPal Ventures. “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.”