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Paymob, an Egyptian founded digital payment provider has announced that it has raised $3.5-million in investment funding.
The investment will be used to expand its product offering, product development and more
The investment in funding was provided by Global Ventures and the Dutch Entrepreneurial Development Bank FMO with a follow-on investment by A15.
Basil Moftah, General Partner at Global Ventures comments on the partnership established and their most recent investment into Paymob.
“We are incredibly excited to partner with the Paymob team, as the need for financial inclusion is exacerbated by the current global pandemic. Led by a dynamic team, Paymob has a unique market position to offer integrated infrastructure solutions and payment services across a range of payment methods and channels. Paymob and Global Ventures share similar DNA – the ability to see problems in a different light, the creativity to rethink how things are done, and the courage to get it done.
The innovative startup aims to use the investment funding to further expand its network of merchants utilising its service and to meet the increasing demand for digital payments.
In addition, Paymob will use the investment towards the plan of regional expansion of its business and product development.
Alain El-Hajj, Paymob’s Co-founder and Chief Operating Officer explains that the investment funding will benefit their clients.
“Paymob’s merchants and partners will benefit directly from this funding round as Paymob will ramp up investments in its core payments offering to better serve our existing base and better cater to the increasing demand. Empowering our merchants and partners networks in Egypt and Africa has and will always be at the heart and core of what we do at Paymob.”
Founded in 2013 by entrepreneurs, Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob claims to process more than 85% of mobile wallet transactions throughout Egypt establishing the startup as the preferred online payment gateway.
Islam Shawky, Paymob’s Co-founder and Chief Executive Officer has attributed the startup’s most recent success to the changing circumstances affecting merchants due to the pandemic.
“In a world where consumers are currently adopting digital products in all aspects of their lives, now is the time to invest in Paymob products to empower the digital economy. These unprecedented times have proven the need for a robust digital payment infrastructure to serve the rising demand from all business types and sizes during the pandemic which resulted in a drastic increase of 450% increase in merchant onboarding rate since the beginning of Covid-19.”
Not only has Paymob created a footprint in the digital payment market in Egypt but serves merchants in various other markets including Kenya, Pakistan, and Palestine.
As an expanding startup, Paymob is currently the first fintech, outside of Egypt to expand beyond the local Egyptian market.
Paymob aims to offer a service that empowers small or medium enterprise merchants with the use of a digital payment method. Some of these merchants include WVL, ElGouna, Tradeline, Befit, Gourmet, and Metro market. All of these merchants collectively serve millions of customers every month with premium online and instore payment products.
With an ethos rooted in contributing to the financial inclusion movement, Paymob’s aims are rooted in creating economic growth through empowering merchants with their payment facilitation services.