Paymob raises $3.5 million

Paymob raises $3.5 million

Egypt-based financial technology (fintech) startup Paymob, has raised $3.5 million from Global Ventures and the Dutch Entrepreneurial Development Bank FMO with a follow-on investment by A15.

Founded in 2015 by Islam Shawky, Alain El-Hajj and Mostafa El Menessy, Paymob offers "Payment As a Service“ (PaaS), providing local and global merchants such as SWVL, ElGouna, Tradeline and Metro Market, serving customers on a monthly basis with online and instore payment products. 

Besides Egypt, the company also operates across five different markets including Kenya, Pakistan and Palestine. The company processes more than 85 per cent of the market share of the transactions throughput in the Egyptian market.

"In a world where consumers are currently adopting digital products in all aspects of their lives, now is the time to invest in Paymob products to empower the