Egyptian digital payment provider Paymob has raised US$ 3.5 million in funding to extend its merchant network and drive global expansion.
Established by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob is an infrastructure platform that enables payment solutions to empower digital financial service providers across Africa and the Middle East through mobile wallet platform.
The startup’s mobile wallet network handles more than 85 per cent of the market share of the transaction ‘s performance in the Egyptian market, representing merchants across five international countries, including Kenya, Pakistan and Palestine, and supporting millions of customers on a monthly basis.
Paymob is now expected to grow further after raising US3.5 million in a round led by Global Ventures and the Dutch Entrepreneurial Development Bank FMO with a follow-up investment by A15. The start-up will use the proceeds to further expand its merchants’ network against rising demand, as well as product growth and the formation of a larger regional footprint. It plans to expand its products to more markets in Africa and the GCC.
“In a world where consumers are currently adopting digital products in all aspects of their lives, it is now time to invest in Paymob products to empower the digital economy.
These unprecedented times have demonstrated the need for a robust digital payment network to meet increasing demand from all business types and sizes during the pandemic, which has resulted in a drastic rise of 450 per cent in merchant on-board rates since the beginning of Covid-19, “said Shawky, Chief Executive Officer of Paymob (CEO).
Chief Operating Officer El-Hajj said that Paymob’s merchants and partners would benefit directly from the funding, as Paymob will increase investment in its core payment service to better serve its customer base and meet the growing demand.
“The empowerment of our merchants and partners in Egypt and Africa is, and will always be, at the heart and center of what we do at Paymob,” he said.
Basil Moftah, Global Ventures’ general partner, said his team was “unbelievably excited” to partner with the Paymob team, as the need for financial inclusion is intensified by the current global pandemic.
“Led by a diverse team, Paymob has a unique market place to deliver integrated network solutions and payment services across a broad variety of payment methods and platforms. Paymob and Global Projects share similar DNA – the ability to see problems in a different light, the imagination to reinvent how things are done, and the bravery to do it, “he said.