Paymob, an Egyptian fintech that allows retailers to accept digital payments both online and in-store, has secured $50 million in Series B funding.
The new capital will be used to grow the company’s product line, strengthen its position in the Egyptian market, and expand into other countries in the Middle East and Africa.
PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round.
Helios Digital Ventures, British International Investment (formerly the CDC Group), and Nclude, the startup fund launched by Global Ventures and three Egyptian banks, are among the new investors. A15, FMO, and Global Ventures, who invested in the company’s $18.5 million Series A in April, increased their stake.
The round brings Paymob’s total funding to over $68.5 million, making it one of the largest in Egypt and MENA at this level.
Paymob works with a wide range of businesses and merchants. Its omnichannel payment infrastructure allows them to collect payments via a variety of methods.
Bank cards, mobile wallets, QR payments, bank card installments, BNPL, and consumer finance payment options are among the several choices. Paymob also features a POS system enabling offline merchants to accept card payments in-store.
Paymob’s payment gateways, such as Swvl, LG, Breadfast, and Homzmart, were used by over 35,000 local and international merchants last year.
The number of merchants, which currently includes Vodafone, LG, Virgin, Chalhoub Group, and Decathlon, has more than tripled to over 100,000.
Paymob plans to reach a million SMEs in the next few years. Paymob’s strategy to reach that number is backed by the development of a new product in partnership with Mastercard: Contactless payments via tap-on-phone.