Regional growth of Egyptian fintech company Paymob receives $3.5 million in funding for further expansion across the region.
In a recent development, Cairo-based payment startup, Paymob, has successfully raised $3.5 million in an investment round led by Dubai's Global Ventures and Dutch Entrepreneurial Development Bank FMO. Existing investor A15 also participated in the funding round.
The investment comes as a tribute to the late founding board member Khaled Bichara, who tragically passed away in a car accident earlier this year. The funds will be used to enhance Paymob's core payments offering and accelerate its expansion to more markets in Africa and the Gulf Cooperation Council (GCC).
Paymob offers a range of products and solutions that cater to both online and offline merchants. For instance, its POS solution for offline retailers comes equipped with a POS device for in-store card payments. Additionally, the payment gateway supports recurring payments and installments, making it an ideal choice for businesses with subscription models.
Merchants can also utilise Paymob's payment links to receive payments by simply sharing a link with customers. For online merchants, a payment gateway can be seamlessly integrated into a website or mobile app. Furthermore, Paymob's products allow merchants to accept payments using mobile wallets, kiosks, and loyalty programs.
The investment is expected to empower underserved Small and Medium Enterprises (SMEs) with improved and more accessible digital payment offerings. Basil Moftah, General Partner at Global Ventures, expressed his excitement about partnering with Paymob, citing the need for financial inclusion exacerbated by the current global pandemic.
Karim Beshara, the chairman of A15, praised Paymob for making significant strides in addressing financial inclusion in the region. Jaap Reinking, Director Private Equity at FMO, highlighted Paymob's exceptional team, innovative payment solutions, and scalable fintech platform as reasons for partnering with the startup.
Notably, Paymob processes more than 85 percent of the market share of transactions in the Egyptian market. Zubair Naeem Paracha, Founder at our xA tech and startup enthusiast, has written about Paymob in a news article, which also mentions other tech startups and investments in Egypt and the Middle East.
As Paymob continues to grow and expand, it is poised to play a crucial role in bridging the digital payment gap in various markets across Africa and the GCC.
