Egyptian Fintech Paymob Raises USD 18.5 Million in Series A Round

Paymob, the largest payment facilitator in Egypt with over 85% market share of its transactions, has raised USD 18.5 million in a Series A Round led by Global Ventures, alongside Dutch bank FMO and leading tech investment fund A15.

Since its founding in 2015 by trio Alain El Hajj, Islam Shawky and Mostafa El Menessy, Paymob has established itself as a leader in online and offline payment solutions for merchants in Egypt. In 2020 their revenue skyrocketed by five times, and their user base grew outside Egypt to include merchants and underserved SMEs from Pakistan, Kenya and Palestine.

"We couldn't be more excited for this fundraise," El Hajj told StartupScene."It's a big validation from our existing investors for how much of an opportunity is still yet to be unlocked."

Paymob plans on using the fund to address current pitfalls in transactions for merchants and SMEs. "The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this," said Shawky. "This latest capital raise will accelerate our progress to reducing the digital payments bottleneck.”

In the near future, Paymob will be able to expand into Saudi Arabia, while expanding their merchant network to meet market demands.