Paymob an Egyptian-based fintech startup has recently secured $18.5 million in Series A funding.
The funding round was led by Global Ventures with other participants including FMO, an entrepreneurial development bank based in Netherlands and A15.
The startup intends to use the raised fund to fuel its expansion to the Middle East and other regions of the world. In addition, the fund will also be deployed into enhancing their suite of products.
The fintech startup enables offline and online ventures to perform payment transactions through its APIs.
Merchants on the Paymob platform can get to seamlessly integrate their transactions via its APIs. This will enable them to process multiple payment methods.
According to the fintech startup, the revenue for its payment acceptance has grown by five folds in the previous year (2020) and now its technology is currently being used by more than 35,000 merchants, both locally and abroad.
The startup also provides a white-label mobile wallet solution that supports business ventures in creating a digital wallet system into the merchant’s app.
According to the startup, its mobile wallets process transactions with more than 85 percent market share in the Egyptian market.
Beyond Egypt, Paymob’s solution serves merchants in markets like Kenya, Palestine and Pakistan.
Speaking on the fund round, Islam Shawky, the Co-founder and CEO of Paymob commented:
“We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented.
The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this.”
Islam explained that the raised fund will drive the startup’s progress to minimize the challenges encountered with digital payments.
Also commenting on the closed fund, Basil Moftah, General Partner of Global Ventures expressed his delight in leading the largest fundraising round for a fintech in Egypt.
“Paymob has a perfect combination of a high-quality technology, a product customers increasingly cannot do without, and an outstanding management team. Their market opportunity is also huge”
Basil further stated that the country’s transformation to cashless society is fuelled by Paymob’s uniqueness in terms of product offering.
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