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Egyptian Fintech Paymob Raises USD 50 Mn Series B Funding
Egyptian Fintech Paymob Raises USD 50 Mn Series B Funding

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised USD 50 Mn in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round.

New participating investors include Helios Digital Ventures, British International Investment (formerly the CDC Group), and Nclude, the venture fund launched by Global Ventures and three Egyptian banks. Existing investors from its USD 18.5 Mn Series A last April, A15, FMO, and Global Ventures, doubled down.

Paymob works with businesses and merchants of all sizes. Its omnichannel payment infrastructure allows them to accept payments via various methods. These different options include bank cards, mobile wallets, QR payments, bank cards’ installments, BNPL, and consumer finance payment options. Paymob also has a POS solution for offline merchants where they can receive in-store card payments.