Paymob, Egypt-based payments processor that enables Small and medium enterprises SMEs to receive payments from various channels has raised $50 million in series B round. This brings the total amount raised by the fintech to $68.5 million.
This recent round will enable Paymob develop and integrate its extensive payment model. This round will also enable the fintech to extend its userbase in Egypt and Pakistan and further into the Middle East North Africa region.
PayPal Ventures co-led the round with Kora Management ahead of other investors including Clay Point Investors, Helios Digital Ventures, British International Investment, Nclude, A15, FMO – Dutch entrepreneurial development bank and Global Ventures.
Islam Shawky launched the fintech in 2015 with Alain El Hajj and Mostafa Menessy to empower underserved SMEs with better access to digital financial services.
Paymob is a payment aggregator that facilitates transactions through a synchronized omnichannel that receives payments from other payment service providers. With Paymob, payments can be made online or offline with its comprehensive suite with smart features. Its infrastructures enable SMEs pay and accept payment seamlessly; an integrated POS solution for in-store payments to be made offline, an interactive dashboard that allows users to monitor transactions in real-time and analyze performance on the go.
Payment options available on Paymob include bank cards, mobile wallets, QR payments, bank cards’ installments, BNPL and consumer finance payment options.
Last year, Paymob has 35,000 international merchants including Swvl, Trade Line, Homzmsrt, Uber, Breadfast process transactions using its payment gateways. Today, the number has risen to over 100,000 and Paymob is ambitious to grow it to a million. This ambition is not riding on fumes given that Egypt has over 3 million SMEs.
CEO of Paymob, Islam Shawky said the company’s mission is to help the merchants grow. “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.”
Paymob shares our mission and ambition of advancing digital payments adoption — it has made impressive strides in supporting the growth and success of underserved SMBs,” Ashish Aggarwal, director at PayPal Ventures said.