Paymob, a Cairo based Egyptian digital payments enabler, announced on 8th April 2021 that it has raised US $ 15 million in its series A round. The round was led by Global Ventures along with participation from FMO and A15.
Investors: Global Ventures is a Dubai, UAE, based venture capital firm that mainly invests in, in its own words, emerging market founders on a mission to change the world. It was founded in the year 2018 by Noor Sweid. Led by a team of diverse and experienced individuals, it has carried out around 27 investments through 2 of its funds. Its portfolio includes companies such as Helium Health, Floranow, Mamopay, Elmenus and more.
“We are delighted to lead this momentous fintech fundraise in the region. Paymob has a perfect combination of high-quality technology, products customers increasingly cannot do without, and an outstanding management team,” Basil Moftah, general partner at Global Ventures
Purpose of investments: The current round can be seen as an extension of the initial seed round that was held in August 2020. It brings the total funds raised to date by Paymob to around US $ 18.5 million and it also happens to be one of the largest equity rounds in North Africa. The funds of the current round would be utilised by Paymob to support its regional expansion, develop its merchant network and improve its product offerings.
About Paymob:
Paymob was founded in the year 2015 by Alain El Hajj, Islam Shawky and Mostafa Menessy. It essentially seeks to empower businesses of all sizes with the benefits and flexibility of digital financial services.
It offers a number of payment solutions to enterprises willing to take their transactions online. Some of the solutions include POS solution where organisations can receive in-store card payments; online payments solutions; payment links that can be sent to customers to receive payments; flexible instalment payment options and more.
The pandemic has driven the growth of fintechs all over the world, with Paymob itself registering a 5 fold increase in its revenues. Paymob seeks to continue riding along that track with its global expansion plans coming soon.
What the CEO has to say:
“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 Shawky, co-founder and CEO of Paymob.
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