Egyptian Fintech Paymob Raises $50M Led By Paypal Ventures And Kora Capital
05/09/22, 7:04 AM
Money raised
$50 million
Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding.
Company Info
Additional Info
Instead, the company has its sights set on a few GCC and North Africa markets as this growth financing provides the required firepower to launch in them. Paymob also has a POS solution for offline merchants where they can receive in-store card payments.“Our mission is that we want to help the merchants grow,” explained Shawsky, who launched the Cairo-based fintech in 2015 with Alain El Hajj and Mostafa Menessy. “So together we offer merchants, whether an SME or an international brand, the ability to accept all those payment methods and thus, increasing the probability and enhancing the probability for them to purchase and hopefully grow the revenue.”Egypt’s Paymob closes $18.5M Series A to expand payments services across MENALast year, Paymob had over 35,000 local and international merchants using its payment gateways like Swvl, LG, Breadfast, and Homzmart. Paymob claims to serve merchants in other markets, including Kenya and Palestine; however, it is yet to set shop in these regions.