Egyptian digital payments provider Paymob is to further its expansion into Saudi Arabia and other Middle East markets after receiving an $18.5 million cash injection in a funding round led by UAE-based VC Global Ventures.
The company has raised $15 million of new capital from existing investors in a second tranche of its Series A fundraising activity. It follows a first tranche of $3.5 million, raised in July 2020.
Other investors include tech investment fund A15 and FMO, the Dutch entrepreneurial development bank.
Paymob’s mobile wallets infrastructure processes over 85% market share of transactions throughput in the Egyptian market and serves merchants across five different markets including Kenya, Pakistan, and Palestine.
In payment acceptance, Paymob’s monthly revenue grew 500% in 2020 and its technology is used across economic sectors by over 35,000 local Egyptian and global merchants. The firm’s total payment volume now stands at over $5 billion.
The company says it will use the funds to grow its merchant network and fuel its regional expansion efforts.