Egyptian fintech Paymob raises $50 million in Series B round

Oluwajuwonlo Afolabi -

Egyptian fintech Paymob has raised $50 million in a Series B funding round with the mission to help merchants, small and medium enterprises (SMEs) and brands improve payment methods and grow their revenue. The funding round was led by PayPal Ventures, Kora Capital and Clay.

  • Paymob is a payment solution platform helping merchants accept digital payments online and POS for in-store card payments.
  • The platform uses omnichannel infrastructure that enables multi-modal payments including bank cards, mobile wallets, QR payments, and buy-now-pay-later (BNPL) among other payment options.
  • Paymob last raised $18.5 million in its Series A round from A15, FMO, and Global Ventures making it $68.5 million in total raised funds.