Paymob, a Egypt-based payment platform, has raised $18.5 million through its Series A funding round, which was reportedly led by India-based VC firm Global Ventures with participation from Egyptian investment fund A15 and Dutch development bank FMO. The investment round notably comes less than a year after Paymob raised $3.5 million as its first tranche of the Series A investment.
Founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa El Menessy, Paymob describes itself as a payment service provider and payment aggregator that empowers businesses to get paid wherever their customers are. The company’s services facilitate both online and offline payment channels with a set of tools to accept payments whether online, through mobile, on delivery, or in-store and whether paid by card, mobile wallet, cash, or in installments.
“Our comprehensive payments suite is delivered by our in-house development team and powerful partnerships with leading banks, financial institutions and courier services.”
According to TechCrunch, Paymob is currently present in Egypt, Kenya, Pakistan, and Palestine. Shawky, who is also CEO of the Paymob, reported that the company now has plans to expand its services into more Sub-Saharan African countries after its expansion into the Gulf Cooperation Council (GCC).
In regards to the initial 3.5 million investment, Shawky revealed to the media outlet that the deal materialized after Paymob’s investors and management witnessed an “unprecedented growth” caused by the COVID-19 pandemic “in addition to the new initiatives launched by regulators, which encouraged them to increase their investment to meet our increasing demand.”