1. Business
May 9, 2022updated 10 May 2022 3:12pm

Egypt’s Paymob garners $50m to spur business growth

Egyptian fintech firm Paymob has secured an investment of $50m in a Series B funding round led by Kora Capital, PayPal Ventures, and Clay Point.

The round was joined by new investors such as Helios Digital Ventures, British International Investment, and Nclude.

Paymob’s all existing investors including A15, FMO, and Global Ventures also participated.

The latest round takes the company’s total funding to more than $68.5m.

PayPal Ventures director Ashish Aggarwal said: “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,”

“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.”

Paymob, which allows merchants to accept digital payments online and in-store, will use the money to expand its product range and foray into new markets across the Middle East and Africa region.

The company’s gateway supports the largest number of payment methods in Egypt, including bank cards, mobile wallets, QR payments, BNPL services, and consumer finance payment options.

Paymob, which added more than 100,00 merchants in less than two and half years, now plans to take the count to one million across the region.

It recently joined forces with Mastercard to launch Tap-to-Pay service in Egypt and forayed into Pakistan market.