Egyptian fintech Paymob lands country a record $18.5m
Saturday, 04 10 2021, Category: Technology, Country: Egypt
Paymob, a Cairo-based digital payments start-up, has raised one of the largest ever fintech Series A funding rounds in Egyptian history at $18.5 million.
Whilst $15 million is made up of new capital from existing investors – led by Dubai-based Global Ventures – the remaining $3.5 million was raised back in July 2020.
The Series A followed a $350,000 seed raise in 2019. Fellow Paymob backers include technology investment fund A15, and the Dutch entrepreneurial development bank, FMO.
The start-up intends to put the fresh capital towards boosting its merchant network, product suite and geographic expansion.
Paymob consolidates local payment methods through a single application programme interface (API).
Currently, it’s live in Jordan, Kenya, Pakistan, and Palestine, as well as Egypt, with further expansion plans for Africa and the Gulf Cooperation Council (GCC).
In 2020, Paymob claims its monthly revenue grew by more than five times. Some 35,000 Egyptian and global merchants use Paymob.