Saudi expansion in focus for Paymob after record fundraising in Egypt

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Egyptian digital payment provider Paymob will use the new funds to enter Saudi Arabia and expand at home as the pandemic spurs a sharp rise in non-cash transactions.

The Cairo-based firm, which provides mobile wallet products to companies, including banks and telephone operators, and also helps process retail payments, sees “huge potential” in the two Arab states, co-founder and chief operating officer Alain said in an interview. El Hajj.

Driven by what he says is the largest ever fundraising by an Egyptian company, led by Global Ventures based in the United Arab Emirates, Paymob is trying to build on the 500% monthly revenue jump it recorded in Egypt in 2020.

“The digital transformation-accelerated pandemic,” El Hajj said, as consumers in Egypt, the most populous nation in the Middle East, as well as Paymob’s chemical, Pakistani and Palestinian markets, increasingly moved online. Dutch Development Bank The FMO and Technology Investment Fund A15 also contributed to a total of $ 15 million in fundraising.