Egyptian fintech Paymob raises $50M led by PayPal Ventures and Kora Capital
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PayPal Ventures
Kora Capital
Clay Point
Helios Digital Ventures
British International Investment
the CDC Group
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Paymob
Islam Shawky
QR
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fintech
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LG
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Ozow
TencentPaymob
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the Central Bank of Egypt
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MENA
CVC
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Shawky
Alain El Hajj
Mostafa Menessy
Homzmart
Nitin Saigal
Ashish Aggarwal
Stitch
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Paymob
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revenue.”Egypt
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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