Cairo-based Fintech Paymob closed $ 18.5 million in a Series A series run by Global Ventures, it announced today. The round includes $ 15 million in fresh capital and $ 3.5 million that arrived as the first tranche in July 2020. A15 and FMO, the Dutch bank for entrepreneurial development, also participated in the deal. It is the largest ever Serie A ever built by fintech in Egypt.
Launch different products and APIs, enabling online and offline businesses to accept and send payments. Merchants can easily integrate Paymob’s payment APIs on their websites or in mobile apps to accept payments from their customers using a variety of payment methods, including cards, mobile wallets, and cash on delivery.
The statement said that business revenue with payment acceptance has more than quadrupled in 2020, and its technology is now used by over 35,000 local and global retailers, including Swvl, LG, Samsonite and American University in Cairo. The startup claims to have processed payments worth over $ 5 billion to date.
Paymob also offers solutions for mobile wallets with a white label, helping companies to incorporate a digital wallet into their applications, using its technology. The startup said its mobile wallet infrastructure handles over 85 percent of the market share in transactions in the Egyptian market. The solution also serves traders from international markets such as Kenya, Pakistan and Palestine.
With fresh capital, the company wants to accelerate its expansion into Saudi and other regional markets this year. The funds will also be used to expand its sales network and further improve product packages.
Islam Shawky, co-founder and CEO of Paymob, said: “We couldn’t be more excited about the next phase of Paymob’s growth; the market opportunity in the region is unprecedented. The big gap in digital payments still exists and we are pleased to be working with progressive thinking regulators to address this. “
“This latest capital raising will accelerate our progress in reducing the digital payment bottleneck. All our existing investors have increased their investments and we thank them for the support and trust they have in our business model and the results of execution so far, “he added.
Basil Moftah, General Partner of Global Ventures, said: “We are pleased to have led this significant fundraising in the region. Paymob has the perfect combination of high-quality technology, a product that customers can no longer do without, and an outstanding management team. Their market opportunity is also huge; The transformation of Egypt into a cashless society is made possible by the unique products that Paymob has built. We look forward to continuing to support their spread. “