Egyptian B2B paytech Paymob raises $50m Series B
Egyptian B2B merchant financial services platform Paymob has raised $50 million in a Series B funding round, bringing the firm’s total funding raised to date to $68.5 million.
The round, the largest fintech Series B in Egypt, was led by Kora Capital, PayPal Ventures and Clay Point and saw participation from new investors including Helios Digital Ventures, British International Investment and Nclude.
Existing investors including A15, FMO and Global Ventures also participated.
Paymob co-founder and CEO Islam Shawky says the “significant fundraising” is a major endorsement of its SME-focused strategy, giving particular thanks to Central Bank of Egypt initiatives which have supported Paymob’s growth.
“The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt’s digital financial inclusion ambitions a reality.”
The cash will be used to turbocharge the company, with an expanded product range, building out the company’s leadership and expansion plans into new markets across the Middle East and Africa in the pipeline.
The firm saw strong growth in 2021, with the number of merchants and monthly volumes growing by 4x year-on-year as of December 2021.
Paymob’s omni-channel payment infrastructure supports digital payments in-store and online, with the largest number of payment methods on the Egyptian market including mobile wallets, QR codes and buy now, pay later.
The company’s scale and penetration has attracted a number of high-profile players in the payments space, including Vodafone and Mastercard, with which Paymob partnered to introduce Tap-on-Phone in Egypt – the first of its kind in the country.
In April last year, the Cairo-based start-up raised one of the largest ever fintech Series A funding rounds in Egyptian history at $18.5 million.