Egypt’s Paymob closes $50 million funding round

Egypt’s Paymob closes $50 million funding round

Egyptian digital payments provider Paymob is to further its expansion into new markets across the Middle East and Africa region after receiving a $50 million cash injection in a funding round led by Kora Capital, PayPal Ventures, and Clay Point.

Paymob’s mobile wallets infrastructure processes over 85% market share of transactions in the Egypt and serves merchants across five different markets including Kenya, Pakistan, and Palestine. In addition to conventional bank cards, the Paymob gateway enables merchants to add new payment methods such as mobile wallets, QR payments, and buy now, pay later. The firm also recently partnered with Mastercard to introduce Tap-on-Phone technology to the Egyptian market.

The latest funding round is the largest ever fintech, Series B in Egypt, and brings the total funding of Paymob to over $68.5 million. It comes on the back