The continued attention on African fintech startups is attracting unprecedented attention and investments from high-ranking venture capitalists.
The latest such investment is a deal that has seen Egypt’s Paymob pocket $50M in Series B funding. The funding was led by PayPal Ventures, the venture capital subsidiary of global payment firm PayPal.
Other participants in this funding round included New-York-based venture capital Kora Capital, and London-based Clay Point Helios Digital Ventures, British International Investment (formerly the CDC Group) and Nclude,
Paymob facilitates payments to merchants via various channels that include ,bank cards, mobile wallets and QR payments. The startup has also build a Point-of-sale(POS) solution to help merchants receive payments offline.
“Our mission is that we want to help the merchants grow. “So together we offer merchants, whether an SME or an international brand, the ability to accept all those payment methods and thus, increasing the probability and enhancing the probability for them to purchase and hopefully grow the revenue,” said Islam Shawky, Paymob CEO.
The company was founded in 2015 and has had a considerably good recognition within th circle of investors.Last year, the company bagged $18.5 million in Series A funding.
So far, the company has managed to onboard more than 100,000 local and international merchants who include several reputable brands. Vodafone, LG, Virgin, Chalhoub Group and Decathlon.
The company had about 35,000 merchants on board last year. With about 3 million SMEs in the Egyptian market alone, Paymob is predictably on track to greater success.