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Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital


PayPal Ventures
Kora Capital
Clay Point
Helios Digital Ventures
British International Investment
the CDC Group
Global Ventures
FMO
Paymob
Islam Shawky
QR
BNPL
fintech
SME
LG
Breadfast
Vodafone
Virgin, Chalhoub Group
Decathlon
Mastercard
NFC
PayTabs
CinetPay
Ozow
TencentPaymob
Kora Management
the Central Bank of Egypt
capital.“Paymob
MENA
CVC


Shawky
Alain El Hajj
Mostafa Menessy
Homzmart
Nitin Saigal
Ashish Aggarwal
Stitch


Egyptian
South African
South Asian


Africa
Middle East

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Paymob
New-York
London
Egypt
MENA
Cairo
revenue.”Egypt
Swvl
Shawky
Fawry
Pakistan
Kenya
Palestine
GCC
North Africa


Series

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The New York Times
SOURCE: https://techcrunch.com/2022/05/09/egyptian-fintech-paymob-raises-50m-led-by-paypal-ventures-and-kora-capital/
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Summary

Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding.PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led the round.New participating investors include Helios Digital Ventures, British International Investment (formerly the CDC Group), and Nclude, the venture fund launched by Global Ventures and three Egyptian banks. Paymob will also pursue more market share in Egypt as well as introduce more offerings in its product suite, including expense management software and provision of working capital.“Paymob shares our mission and ambition of advancing digital payments adoption – it has made impressive strides in supporting the growth and success of underserved SMBs,” said Ashish Aggarwal, the director at co-lead investor PayPal Ventures, in a statement.This is PayPal’s first MENA investment and seems to be the CVC firm’s second in Africa after South African open finance startup Stitch.

As said here by Tage Kene-Okafor