By Reuters Staff
2 Min Read
DUBAI (Reuters) - Egyptian digital payments provider Paymob said on Thursday it had raised $15 million in a second tranche of its Series A funding round.
Paymob, which in addition to Egypt has users in Kenya, Pakistan, and Palestine, says it processes over $5 billion in payments each year.
The company said it will use the funding, which includes a further $3.5 million raised last July, to expand its merchant networks and to expand in Saudi Arabia and elsewhere.
“We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented,” Paymob Chief Executive Islam Shawky said in a statement.