Paymob, an Egypt-based fintech firm, has reportedly raised USD 50 million in a recent Series B fundraising that was led by Clay Point, Kora Capital, and PayPal Ventures. The latest round brings the company’s total funding to USD 68.5 million.

The funding round also saw participation from new investors including, British International Investment, formerly known as the CDC Group, Helios Digital Ventures, and Nclude. The fresh funds will be used to expand the company's product line and enter new markets in the Middle East and Africa.

For those unaware, Paymob is the largest omnichannel payment system that works with a wide range of businesses and merchants that allows them to collect payments via several methods.

QR payments, bank cards, mobile wallets, BNPL, bank card installments, and consumer financing payment alternatives are among the several services the company offers. In addition, Paymob also features a POS system that enables offline merchants to accept card payments in-store.

Paymob's payment gateways, such as LG, Swvl, Breadfast, and Homzmart, were used by over 35,000 local and foreign businesses last year. The number of merchants, which currently includes Virgin, Vodafone, LG, Decathlon, and Chalhoub Group, has tripled to over 100,000.

Moving ahead the company seeks to reach a million SMEs, which looks attainable with the launch of a new product along with Mastercard tap-on-phone contactless payments. Paymob is also looking forward to introducing a new checkout platform and the launch of cards to facilitate B2B transactions for its merchants.

According to a statement, the company expects to add 100,000 merchants from the South Asian country in the coming 2 years, which has over 4 million SMEs. Eyeing on expansion, Paymob is yet to enter Palestine and Kenya but has big ambitions for a few North African and GCC regions where this growth financing will offer the necessary firepower to expand its reach.

Source Credit:

https://techcrunch.com/2022/05/09/egyptian-fintech-paymob-raises-50m-led-by-paypal-ventures-and-kora-capital/