Paymob completes $18.5 million Series A funding round
Egyptian digital payments provider, Paymob, has raised $15 million of new capital from existing investors in a second tranche of its Series A activity.
It follows a first tranche of $3.5 million from July 2020.
The capital raise was led by Global Ventures, the UAE-based VC firm.
Paymob will use the cash to expand its merchant network, meet increasing demand, boost its products suite and fuel regional expansion efforts.
Global Ventures General Partner, Basil Moftah, says: “Paymob has a perfect combination of a high quality technology, a product customers increasingly cannot do without and an outstanding management team.”
“Their market opportunity is also huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built. We look forward to continue supporting their expansion.”