Egyptian B2B Paytech Paymob Raises $50 Million in Series B Funding Round
Paymob, an Egyptian B2B merchant financial services platform, raised $50 million in a Series B fundraising round, increasing the company’s total capital to $68.5 million.
The deal, Egypt’s largest fintech Series B, was headed by Kora Capital, PayPal Ventures, and Clay Point, with Helios Digital Ventures, British International Investment, and Nclude joining as additional investors. A15, FMO, and Global Ventures were among the existing investors who took part.
The “substantial fundraising,” according to Paymob co-founder and CEO Islam Shawky, is a huge validation of the company’s SME-focused approach, with special gratitude to Central Bank of Egypt efforts that have aided Paymob’s growth.
“The Central Bank has established a regulatory framework to assist fintech in flourishing and contributing to Egypt’s digital financial inclusion goals.”
The funds will be used to boost the company’s growth ambitions, which include expanding its product line, strengthening the company’s leadership, and expanding into new markets across the Middle East and Africa. In 2021, the company had rapid growth, with the number of merchants and monthly volumes increasing by 4x year over year as of December 2021.
Paymob’s omni-channel payment infrastructure facilitates digital payments both in-store and online, with the most payment options available in Egypt, including mobile wallets, QR codes, and buy now, pay later.
Paymob’s scale and penetration have attracted a number of high-profile players in the payments market, including Vodafone and Mastercard, with whom the business teamed to offer Tap-on-Phone in Egypt, the country’s first of its kind.
The Cairo-based start-up raised $18.5 million in one of the largest fintech Series A fundraising rounds in Egyptian history in April of last year.