Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.