Egyptian FinTech Paymob recently raised $50 million in Series B funding round led by PayPal Ventures, bringing Paymob’s total funding to around $6.8 million.

Paymob’s omnichannel payment infrastructure enables businesses to accept digital payments both online and in-store, as well as providing them better access to financial services.

Through Paymob, businesses are able to increase their payment options, including conventional bank cards, mobile wallets, QR payments, bank cards’ installments, Buy-Now Pay-Later, and consumer finance payment options to support merchants in increasing their volume of transactions and growing revenues. Recently, Paymob partnered with Mastercard to introduce Tap-on-Phone in Egypt as a POS solution.

“Our mission is that we want to help the merchants grow,” explained Shawky, who launched the Cairo-based fintech in 2015 with Alain El Hajj and Mostafa Menessy. “So together we offer merchants, whether an SME or an international brand, the ability to accept all those payment methods and thus, increasing the probability and enhancing the probability for them to purchase and hopefully grow the revenue.”

According to Shawky, "The Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob's growth."

The Central Bank of Egypt (CBE) has introduced several introducing initiatives to support FinTech in the country, as well as developing a regulatory framework aimed at aiding financial inclusion. The CBE recently revealed that financial inclusion grew by 115% in the past 6 years.

Leading the funding round were PayPal Venutres, New-York-based venture capital Kora Capital, and London-based Clay Point. The round also saw participation from Helios Digital Ventures, British International Investment, and Nclude, along with existing investors A15, FMO, and Global Ventures.

“We are thrilled to complete this significant fundraising with the support of such renowned international investors including PayPal Ventures, the venture capital arm of a global pioneer in the digital payment space. It is a major endorsement of the strategy we have implemented to date and the scale of the opportunities we can harness. Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob's growth. The Central Bank has created a regulatory framework to help fintech flourish and participate in making Egypt's digital financial inclusion ambitions a reality,” said Shawky.