Egypt’s digital payments provider announced that it has raised USD 18.5 Mn in its recently completed Series A. In the second allotment of its Series A fundraiser, the company has raised USD 15 Mn of new capital from existing investors. This follows the first tranche of USD 3.5 Mn raised in July 2020.
The capital raise was led by UAE-based venture capital firm Global Ventures and also includes A15, a leading tech investment fund and FMO, the Dutch entrepreneurial development bank.
Paymob will use the capital to boost the expansion of its merchant network and to meet increasing demand. The funds will also be used to fuel regional expansion plans.