Egyptian digital payments provider Paymob is to further its expansion into new markets across the Middle East and Africa region after receiving a $50 million cash injection in a funding round led by Kora Capital, PayPal Ventures, and Clay Point.
Paymob’s mobile wallets infrastructure processes over 85% market share of transactions in the Egypt and serves merchants across five different markets including Kenya, Pakistan, and Palestine. In addition to conventional bank cards, the Paymob gateway enables merchants to add new payment methods such as mobile wallets, QR payments, and buy now, pay later. The firm also recently partnered with Mastercard to introduce Tap-on-Phone technology to the Egyptian market.
The latest funding round is the largest ever fintech, Series B in Egypt, and brings the total funding of Paymob to over $68.5 million. It comes on the back of strong growth across the Paymob platform in 2021, with the number of merchants and monthly volumes growing by 4x year-on-year as of December 2021. Paymob onboarded over 100,00 merchants in less than two and half years as part of its plan to reach one million SMEs across the region.
Islam Shawky, Paymob’s co-founder, and CEO, says: “Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob’s growth. The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt’s digital financial inclusion ambitions a reality.”