PayPal Ventures, Kora Capital, and Clay Point led a $50 million funding round for Paymob, an Egyptian fintech startup.
Helios Digital Ventures, British International Investment (previously the CDC Group), Nclude, and three Egyptian banks joined the round as additional investors.
Paymob is a digital payments enabler for emerging countries that helps small and large businesses accept payments online and in-store. It was founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa Menessy.
Paymob also features a POS system enabling offline merchants to accept card payments in-store.
“Our objective is to help shops develop,” CEO Shawky said in a statement. So, whether a small business or a global corporation, we offer merchants the flexibility to take all of those payment methods, increasing the likelihood of them purchasing and, hopefully, increasing revenue.”
Paymob’s payment gateways, such as Swvl, LG, Breadfast, and Homzmart, were used by over 35,000 local and foreign businesses last year.
The number of merchants, which currently includes Vodafone, LG, Virgin, Chalhoub Group, and Decathlon, has more than tripled to over 100,000.
The new funding brings Paymob’s total funding to $68.5 million since its launch.
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