Paymob raises $18.5m in largest Series A for an Egyptian fintech

paymob_egypt_fintech_founders

Paymob Founders. Source: Paymob.

In August 2020, Egyptian fintech Paymob announced that it raised $3.5 million to toughen its ability and blueprint extra merchants to employ its payments products and services. That mission has now got additional funding, bringing the startup to a formal Series A detailed of $18.5 million.

The spherical changed into as soon as led by International Ventures, a project capital agency that invests basically in Heart East and North African startups however moreover has Nigerian healthtech Helium Health in its portfolio. FMO, which is the Dutch entrepreneurial style bank, and A15 (an Eyptian funding fund) moreover participated within the deal. 

The raise is perchance the ideal-ever Series A by a fintech in Egypt. Islam Shawky, the co-founder and CEO of Paymob, acknowledged the fresh funding is a tag of the startup’s “next segment of bellow,” noting that the chance for digital monetary products and services in North Africa is promising.

“The mountainous digital payments gap serene exists and we’re overjoyed to be working with innovative-pondering regulators to handle this,” Shawky acknowledged, based on Menabytes.

“This most up-to-date capital raise will journey up our development to lowering the digital payments bottleneck. All our existing merchants delight in increased their holdings, and we thank them both for their strengthen and the boldness they delight in in our industry mannequin and computer screen file of execution,” he added.

Paymob says its digital wallet service for companies for the time being owns 85% market fragment in Egypt as the nation’s top payments facilitator. The startup experiences honest info from the pause of the 2020 pandemic, growing monthly income extra than 5 cases and total price quantity of extra than $5 billion from over 35,000 local and global merchants, based on Techcrunch.

Exterior Egypt the attach it moreover presents offline Level of Sale products, Paymob has locked down possibilities in Kenya, Pakistan and Palestine. It plans an entry into Saudi Arabia this year and other parts of the Heart East.

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