Cairo-Egypt based Paymob, a digital payment provider announced on 11th August 2020, that it has secured a funding of USD 3.5M in a round. The round was led by Dutch Entrepreneurial Development Bank FMO and Global Ventures with a follow on investment by A15. The company intends to utilize the money to accelerate the regional expansion and grow its merchant network
Chief operating officer El-Hajj said Paymob’s merchants and partners would benefit directly from the funding as Paymob will ramp up investments in its core payments offering to better serve its existing base and cater for the increasing demand.
“Empowering our merchants and partners networks in Egypt and Africa has and will always be at the heart and core of what we do at Paymob,” he further said.
About the company
Established in the year 2013 by Mostafa El Menessy, Islam Shawky and Alain El Hajj, Paymob is an infrastructure tech provider enabling payment solutions for empowering digital financial service providers across Middle East and Africa through its technology.
The company’s mobile wallet infrastructure processes more than 85% of market share of the transactions throughout in Egyptian market and provides merchants around 5 markets including Palestine, Kenya and Pakistan, serving millions of clients and customers on monthly basis.
After raising the funds, Paymob is now all set for further expansion. The start-up claims to deploy the latest investment for raising demand through its merchant network, developing the product and establishing larger regional foot print. For regional growth, Paymob has planned to extend the reach of its product to more markets of Africa.
Co-founder and CEO of Paymob, Islam Shawky explained, “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 digital economy. These unprecedented times have proven the need for a robust digital payments infrastructure to serve the rising demand from all business types and sizes during the pandemic which resulted in a drastic increase of 450 per cent increase in merchant on-boarding rate since the beginning of Covid-19.”
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