Egyptian fintech company Paymob raises $50 million in Series B. The platform allows merchants to accept digital payments online and in-store.
PayPal Ventures, Kora Capital, and Clay Point led a round of investment in the company.
British International Investment (formerly the CDC Group), Nclude, and three unnamed Egyptian banks also participated in the investment round.
Islam Shawky, Alain El Hajj, and Mostafa Menessy founded Paymob. It collaborates with a diverse range of businesses and merchants.
Paymob runs millions of transactions for different business sizes across the Middle East and Africa. Its solutions and APIs are great for online transactions.
The use of an omnichannel payment infrastructure allows them to accept payments in various ways says, Islam.
These options include mobile wallets, QR payments, bank card installments, BNPL, and consumer finance payment options. Paymob also offers a PoS solution for offline merchants, allowing them to accept in-store card payments.
Paymob Outside of Eygpt
Paymob claims to serve merchants in other markets, including Kenya and Palestine but has yet to open a branch in these countries. Instead, the corporation is focusing on a select Gulf Cooperation Council (GCC) and North African regions.
The GCC is a political and economic coalition of six Middle Eastern countries.
Besides, the funds will also increase the company’s market share in Egypt and add new offerings to its product suites, like expense management software and working capital provision.