Egypt’s Paymob launched in 2015 as e-commerce was taking off in the country. The company’s app provided merchants with otherwise limited access to digital finance a way of collecting payments online. It now provides e-wallets, credit and debit cards, and payment by QR code to more than 350,000 small businesses in North Africa and the Middle East.
It has raised $22 million from British International Investment, FMO, EBRD Venture Capital, Endeavour Capital and others. The latest equity round is an extension of a $50 million Series B it raised last year from Kora Capital, PayPal Ventures and other investors.
New markets
Nine out of every 10 Paymob customers are new to digital payments.
“The payments landscape in Egypt and the broader [Middle East and North Africa] region is hugely exciting and seeing rapid growth as economies transition to non-cash payment methods,” said EBRD’s Bruno Lusic.
Paymob is aiming to reach 450,000 merchants in Egypt by 2025 and to expand in Pakistan, the United Arab Emirates, Oman and Saudi Arabia.
