Paymob, an Egyptian based fintech startup, closes $ 18.5 million Series A to expand services across MENA

Paymob has announced that it has closed $18.5 million in Series A round led by Global Ventures. This includes $ 3.5 million it raised in July 2020 as its first tranche and an additional $ 15 million raised with participation from FMO, A15 and the Dutch entrepreneurial development bank making it the largest ever Series A raised by a fintech in Egypt.

Established in 2015, Paymob is an infrastructure technology enabler providing a suite of financial technology solutions to empower financial service providers across MENA. It was founded by Alain El Hajj, Islam Shawky, and Mostafa El Menessy and is so far boasting of having more than 12 million users on its platforms, 150 K agents and with over 10 bank deployments. The company also claims to have grown its monthly revenue over 5X last year and recorded a total payment volume of more than $ 5billion from over 35,000 local and international merchants like SWVL, LG, Breadfast and Tradeline.

Islam Shawky, the co-founder and CEO of Paymob, said, “We couldn’t be more excited for Paymob’s next phase of growth; the market opportunity in the region is unprecedented. The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this.”

“This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. All our existing investors have increased their holdings, and we thank them both for their support and the confidence they have in our business model and track record of execution,” he added.

Basil Moftah, General Partner of Global Ventures, said, “We are delighted to lead this momentous fintech fund raise in the region. Paymob has a perfect combination of a high-quality technology, a product customers increasingly cannot do without, and an outstanding management team. Their market opportunity is also huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built. We look forward to continuing supporting their expansion.”