Paymob credits Egypt’s Central Bank for successful fundraising and growth
The fintech startup Paymob raised $50 million in its Series B financing round.
The Egyptian financial technology startup Paymob announced yesterday that it raised $50 million in its second fundraising round.
The Series B fundraising round was led by PayPal Ventures, which is the venture capital arm of the eponymous digital payment service, as well as Kora Capital in New York and Clay Point in London. The $50 million was the largest ever in a Series B fundraising round in Egypt, the state-owned Al-Ahram reported.
Paymob provides a variety of digital payment services, including fund distribution tools and digital wallets. They focus on selling their product to businesses in the Middle East and Africa, per the Paymob website.
CEO Islam Shawky said that the Central Bank of Egypt has helped them grow.
