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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. ....
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.” ....
Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely. Right now, Egypt is home to a burgeoning fintech startup ecosystem, and today, one of its biggest players, Paymob announced that it has completed an $18.5 million Series A round. In July 2020, Paymob raised $3.5 million as its first tranche of Series A investment. An additional $15 million was raised from the same investors led by Dubai-based VC firm Global Ventures. Other investors include Egyptian investment fund A15 and Dutch development bank FMO. ....
Share this article In August 2020, Egyptian fintech Paymob announced that it raised $3.5 million to improve its capacity and acquire more merchants to use its payments services. That mission has now received additional funding, bringing the startup to a formal Series A close of $18.5 million. The round was led by Global Ventures, a venture capital firm that invests mostly in Middle East and North African startups but also has Nigerian healthtech Helium Health in its portfolio. FMO, which is the Dutch entrepreneurial development bank, and A15 (an Eyptian investment fund) also participated in the deal. The raise is possibly the largest-ever Series A by a fintech in Egypt. Islam Shawky, the co-founder and CEO of Paymob, said the new funding is an indication of the startup’s “next phase of growth,” noting that the opportunity for digital financial services in North Africa is promising. ....
Egyptian Fintech Paymob Raises USD 18.5 Million in Series A Round cairoscene.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cairoscene.com Daily Mail and Mail on Sunday newspapers.