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Amazon Payment Services opens its first FinTech Lab in DIFC
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Fintech Ecosystem in Egypt being Supported by Strong MENA Region VC Investments, but Well Behind Global Standards: Report
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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.
Egyptian Fintech Association Partners International Finance Corporation to Support Local Businesses
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Dayra, an Egyptian Credit Solutions Fintech for Gig Workers, Secures $3M in Funding, Joins Y Combinator
Egyptian Fintech firm
Y Combinator and has also acquired $3M in pre-seed funding.
Dayra is a Cairo-headquartered Fintech company offering modern financial services to the nation’s unbanked gig economy workers and micro-businesses. Darya has reportedly joined Y Combinator’s Winter 21 batch, and has managed to finalize the largest debt and equity pre-seed round in the MENA region (bringing total funding to $3 million).
Dayra has received investments from Tanmiya Capital Ventures, EFG EV Fintech, EFG Hermes, Y Combinator, and several other angel investors.
Only around 30% of 105 million Egyptian residents have access to reliable banking services, which means that the majority of the nation’s population is financially underserved/unbanked and still dependent on cash transactions.