Egyptian payments startup Paymob closes $18.5 million Series A to fuel its expansion

SectorFinancial Services

Cairo-based fintech Paymob has closed $18.5 million in a Series A round led by Global Ventures, it announced today. The round includes $15 million in fresh capital and $3.5 million that came as its first tranche in July 2020. A15 and FMO, the Dutch entrepreneurial development bank, also participated in the deal. It is the largest-ever Series A raised by a fintech in Egypt. The startup different products and APIs, enabling online and offline businesses to accept and send payments.

The merchants can easily integrate Paymob’s payments APIs in their websites or mobile apps to accept payments from their customers using different payment methods including cards, mobile wallets, and cash on delivery. In a statement, it said that the revenue for its payment acceptance business grew over 5x in 2020, with its technology now being used by over 35,000 local and global merchants including Swvl, LG, Samsonite, and the American University in Cairo. The startup claims to have processed payments more...