Cairo-based fintech startup Paymob has secured $15-million in a Series A funding round led by Global Ventures, the UAE-based venture capital firm with participation from A15, a leading tech investment fund, and FMO, the Dutch entrepreneurial development bank.
This funding round follows on from an investment secured in July 2020 amounting to $3.5-million, bringing the total capital raised to date to $18.5-million.
Paymob has secured $18.5-million
According to a statement released by Paymob, the funding will be used to continue expanding its merchant network, meet the increasing demand for its services, enhance its suite of products further and drive its regional expansion.
Global Ventures, an Abu Dhabi, UAE-based venture capital firm, announced a strategic partnership.
The two companies have identified three areas of collaboration to create long-term value within the regional innovation ecosystem. These include working closely together to develop thought leadership and research and uncovering insights and trends in industries where innovation drives disruption and opportunities.
Accenture will also bridge its existing clients, spanning fields including cloud and security, with Global Ventures’ portfolio of companies to address pressing business challenges.
The new partnership will provide Global Ventures portfolio companies with access to Accenture’s international network and expertise in facilitating innovative solutions. Accenture’s clients will benefit from the companies within the Global Ventures portfolio and utilize emerging technologies.
Paymob completes $18.5 million Series A funding
Image courtesy of Paymob
Egypt-based fintech startup Paymob has raised $18.5 million in its Series A round, led by Global Ventures with participation from A15 and Dutch entrepreneurial development bank FMO.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob provides online and offline merchants with digital payment solutions.
Its revenues grew 5x in 2020 and the startup currently serves 35,000 merchants across Egypt, Kenya, Pakistan, and Palestine.
The investment will be used to expand to Saudi Arabia and other markets in the Middle East this year.
Press Release
Paymob (“the Company”), Egypt’s market-leading digital payments provider, announces the largest ever Series A fund raise by an Egyptian company and one of the largest fintech equity rounds in North Africa.
Demand for digital payments and other financial technology services has increased as more people use online banking services to transfer money and pay for e-commerce transactions amid the coronavirus pandemic.
The company said its monthly revenue grew over five times in 2020 and that its infrastructure processed more than 85 per cent of transactions made through mobile wallets in its home market. It is used by more than 35,000 Egyptian and global merchants, such as Swvl, LG, Samsonite, Aeropostale, Befit, Breadfast, Gourmet, and the American University of Cairo. It also serves businesses in Kenya, Pakistan and Palestine.
“This latest capital raise will accelerate our progress to reducing the digital payments bottleneck,” Paymob’s chief executive and co-founder, Islam Shawky, said. “All our existing investors have increased their holdings.”