Egypt’s Paymob Secures $50m Series B Funding

Paymob logo

A Cairo-based fintech startup, Paymob, has announced securing a $50 million Series B funding.

The Co-Founder and Chief Executive Officer, Islam Shawky, disclosed this in a statement on Monday.

According to Shawky, the round was led by PayPal Ventures, the global corporate venture arm of PayPal; New-York-based venture capital Kora Capital; and London-based Clay Point.

Paymob was founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa Menessy with headquarters in Cairo, Egypt.

The fintech platform builds payments infrastructure technologies, empowering the underserved with access to financial services.

The startup bridges the financial inclusion gap in the MEA region by enabling businesses of all sizes to benefit from the power of digital payments and what it unlocks.

Commenting on the new raiser, Shawky said:

“For us, this is a game changer for face-to-face transactions because this opens the market up for us and helps us grow tremendously.

“So together we offer merchants, whether an SME or an international brand, the ability to accept all those payment methods and thus, increasing the probability and enhancing the probability for them to purchase and hopefully grow the revenue.”

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