Paymob, an Egyptian fintech that allows retailers to accept digital payments both online and in-store, revealed on May 9th, 2022, that it has raised US$50 million in Series B funding.
The financing was headed by PayPal Ventures, PayPal’s worldwide corporate venture arm, Kora Capital in New York, and Clay Point in London.
Helios Digital Ventures, British International Investment (previously the CDC Group), and Nclude, the startup fund formed by Global Ventures and three Egyptian banks, are among the new investors. A15, FMO, and Global Ventures, which invested in the company’s $18.5 million Series A in April, increased their stake.
The round raises Paymob’s overall fundraising to over US$68.5 million, making it one of the largest in Egypt and MENA at this level.
What the founder has to say:
CEO – Paymob- Islam Shawk:
Shawky, who founded the Cairo-based fintech with Alain El Hajj and Mostafa Menessy in 2015, noted:
“Our aim is to assist retailers in expanding. So, collectively, we offer merchants, whether a little business or a global brand, the option to take all of those payment methods, increasing the likelihood of them purchasing and, hopefully, growing revenue.
This is a game-changer for us in terms of face-to-face transactions since it expands our market and allows us to develop significantly.”
He also stated that the product, which will be given out to new merchants as a supplement to traditional point-of-sale systems, will allow Paymob to keep ahead of competitors like Fawry and PayTabs. CinetPay, Ozow, and Flutterwave are similar companies in various African locations.
What the investors have to say:
Ashish Aggarwal, the director at co-lead investor PayPal Ventures:
“Paymob shares our aim and ambition of expanding digital payments usage — it has made significant progress in assisting underserved SMBs’ growth and success.”
About the company:
Paymob works with a wide range of businesses and merchants. Its omnichannel payment system, which CEO Islam Shawky claims is the largest in Egypt, allows them to collect payments via a variety of methods.
Bank cards, mobile wallets, QR payments, bank card installments, BNPL, and consumer financing payment alternatives are among the several choices. Paymob also features a POS system enabling offline merchants to accept card payments in-store.
Obtaining point-of-sale equipment and its supporting hardware can be too expensive for micro and small businesses. It will be difficult to expand because they will need to process enormous volumes over a long period of time to repay that cost.
By downloading a Paymob-powered app, these retailers may turn their NFC-enabled cellphones –personal or commercial– into a POS, leveraging contactless payments technology.
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