Paymob raises USD 50 mln in Series B funding round

The new funds will be used to help the company expand its product range, maintain its leadership position on the Egyptian market, and expand to new territories across the Middle East and North Africa region.

The new round of capital brings the total funding of Paymob to over USD 68.5 million, making it one of the most backed up companies in the region and received the support of additional investors, including Global Ventures, Nclude, and British International Investment.

Paymob enables businesses to accept digital payments online and in-store, allowing them to have better access to financial services, increasing financial inclusion in the area, and boosting digitalisation. Paymob’s gateway counts for the largest number of payment methods in Egypt, including bank cards, mobile wallets, QR payments, BNPL services, and consumer finance payment options. The versatility of payment methods offered by the company gives merchants the support they need to boost their volume of transactions and grow their businesses organically.

Recently, the Egyptian fintech partnered with Mastercard to introduce Tap-to-Pay in the country which aims to replace traditional POS.