Egyptian digital payments provider Paymob is looking to venture into Saudi Arabia and other markets in the Middle East after receiving an $18.5 million funding led by UAE-based venture capital firm Global Ventures.
Paymob successfully completed a $18.5 million Series A funding round, the largest such fund raise by an Egyptian company. It is also one of the largest fintech equity rounds in North Africa.
Others involved in the capital raise were A15, a leading tech investment fund, and FMO, the Dutch entrepreneurial development bank, both of whom are existing investors with Paymob.
Cairo-based Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers across Africa and the Middle East and will use the proceeds to basically expand its merchant network, meet increasing demand, enhance its suite of products further, and fuel regional expansion efforts.
“We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented,” said Islam Shawky, Paymob’s CEO and co-founder.
“The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this. This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. All our existing investors have increased their holdings, and we thank them both for their support and the confidence they have in our business model and track record of execution.”
Financial inclusion movement
Paymob empowers underserved SMEs with improved and more accessible digital payments offerings as part of the Central Bank of Egypt’s efforts and initiatives towards nationwide digital financial inclusion.
Paymob aims to contribute to the financial inclusion movement, while targeting economic growth by empowering merchants through payment facilitation to grow their business using multiple digital payment methods such as online payments, mobile wallets, instalments and more.
“We are delighted to lead this momentous FinTech fund raise in the region” said Basil Moftah, Global Ventures’ General Partner. “Paymob has a perfect combination of a high-quality technology, a product customers increasingly cannot do without and an outstanding management team. Their market opportunity is also huge.”
“Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built. We look forward to continue supporting their expansion,” he added.