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Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA – TechCrunch

Nigeria and Kenya have been at the forefront of FinTech innovation in Africa, but their activities in Egypt are beginning to take shape. successfully.. Today, Egypt is home to the fast-growing fintech startup ecosystem and is one of its largest players today. Paymob Announced that it has completed a $ 18.5 million Series A round..

In July 2020, Paymob $ 3.5 million as the first tranche Of a series A investment. Ann add to $ 15 million Was raised From the same investor led by Dubai-based VC firm Global Ventures.. Other investors include the Egyptian investment fund A15 and the Dutch development bank FMO.

Raising a total of $ 18.5 million is Egypt’s largest series A round to date and one of the largest equity rounds in North Africa...

“we happy Leading this important FinTech financing in the region. Paymob has the perfect combination of high quality technology and product customers more and more Basil Mofta, General Partner of Global Ventures, said of the investment: “”Their market opportunities are also huge. The transformation of Egypt into a cashless society is made possible by a unique product built by Paymob. ”

Paymob Was established By Alain El Hajj, Islam Shawky, Mostafa El Menessy in 2015. This platform helps online and offline merchants accept payments from customers through several products and solutions... Provides a payment gateway that merchants can plug into your site or mobile application using the API.. For offline merchants, Paymob has a POS solution that allows you to receive point-of-sale card payments at the store..

The company also has a payment link feature that allows merchants to share links with customers and receive payments. Will be received Use a mobile wallet.. According to the company, 85% of mobile wallet transactions are in Egypt. Will be processed by Its infrastructure.. It also claims to be the largest payment facilitator in the country.

Besides Egypt, Paymob also exists in Kenya, Pakistan and Palestine. CEO Shawky says the company plans to expand to sub-Saharan African countries.However, It will come after focusing on the Gulf Cooperation Council (GCC) to gain a large market share..

Regional expansion (imminent entry into Saudi Arabia this year) is one of Paymob’s goals after this increase... According to a statement released by the company, the company will also use its investment to expand its merchant network to meet growing demand and improve product offerings...

The pandemic presented one of the best opportunities for fintechs around the world to achieve massive growth... In the case of Paymob, it claims that last year’s monthly revenue increased more than five times. The company also recorded total payments of over $ 5 billion from over 35,000 domestic and international merchants such as Swvl, LG, Breadfast and Tradeline...

This growth has allowed fintech companies to raise their second tranche of investment after the closure. However $ 3.5 million Initially.. Shawky told TechCrunch that the deal was closed after the company’s investors and management. Witnessed “Unprecedented growth” triggered by a pandemic “In addition to new initiatives initiated by regulators, we encouraged regulators to increase their investment to meet growing demand.”..

As we have repeated before, fintech is growing in Egypt, with start-ups such as Moneyfellows, NowPay, Raseedi and Flick providing lending, payments, wealth and personal financial management services...

Egypt’s FinTech ecosystem also gained a lot of support when the incumbent FinTech Fawry became the first listed unicorn... Since its launch in 2007, Fawry has been the country’s largest online payment platform, offering a wide range of services, from mobile wallets to banking services... Will Fawry’s long-standing presence also challenge Paymob’s quest to become the dominant fintech??? Shawky doesn’t think so.

“Paymob’s main competitor is cash. Because a small part of the economy operates in digital format we believe Opportunity Really Converting cash to digital is not yet unlock,” He said..

That said, raise Following the launch of two funds — Algebra venture And Sawa Reventures It’s an exciting week for domestic startups and venture capital firms...

Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA – TechCrunch Source link Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA – TechCrunch

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