Paymob completes $18.5 million Series A funding

SectorFinancial Markets

Egypt-based fintech startup Paymob has raised $18.5 million in its Series A round, led by Global Ventures with participation from A15 and Dutch entrepreneurial development bank FMO. This round includes $15 million in new capital from existing investors. It follows a first tranche of $3.5 million raised in July 2020. Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob provides online and offline merchants with digital payment solutions. Its revenues grew 5x in 2020 and the startup currently serves 35,000 merchants across Egypt, Kenya, Pakistan, and Palestine. The investment will be used to expand to Saudi Arabia and other markets in the Middle East this year. Press Release Paymob (“the Company”), Egypt’s market-leading digital payments provider, announces the largest ever Series A fund raise by an Egyptian company and one of the largest fintech equity rounds in North Africa. The Company has raised US$15 million of new capital from existing investors in a second tranche of its Series A fundraising activity. more...