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Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led t…

  • Posted on 09th May, 2022 07:35 AM
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Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital Image

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding.

PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round.

New participating investors include Helios Digital Ventures, British International Investment (formerly the CDC Group), and Nclude, the venture fund launched by Global Ventures and three Egyptian banks. Existing investors from its $18.5 million Series A last April — A15, FMO, and Global Ventures — doubled down.

The round, which is one of the largest at this stage in Egypt and MENA, brings Paymob’s total funding to over $68.5 million.

Paymob works with businesses and merchants of all sizes. Its omnichannel payment infrastructure allows them to accept payments via various methods, which CEO Islam Shawky claims to be the largest in Egypt. These different options include bank cards, mobile wallets, QR payments, bank cards’ installments, BNPL, and consumer finance payment options. Paymob also has a POS solution for offline merchants where they can receive in-store card payments.

“Our mission is that we want to help the merchants grow,” explained Shawsky, who launched the Cairo-based fintech in 2015 with Alain El Hajj and Mostafa Menessy. “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.”

Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital View Story

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