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Tuesday, 11 August 2020

Egyptian fintech firm Paymob raises USD 3.5 mn investment

STARTUP WATCH- Local fintech startup Paymob has raised USD 3.5 mn in an investment round led by Global Ventures and the Dutch Entrepreneurial Development Bank (FMO), according to an emailed statement (pdf). VC tech fund A15 also contributed to the round with a follow-on investment. The payments firm plans to use the funding “to further expand its merchants’ network to meet the continuously rising demand, product development and establishing a larger regional footprint.” Paymob, which was founded in 2015, currently operates in Egypt and five other markets — including Kenya, Pakistan, and Palestine — making it Egypt’s first fintech firm to embark on cross-border expansion.

Correction (11/08/2020): A previous version of this article incorrectly stated that A15 is a tech arm of Orascom.

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