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Paymob, the fast-growing payment startup from Cairo, has raised $3.5 million in its latest investment round co-led by Dubai-based Global Ventures and Dutch Entrepreneurial Development Bank, FMO.

A15, which had already invested in Paymob’s previous round, also chipped in with an unknown amount during the latest round. 

In case you’re not familiar with Paymob, the startup enables both online and offline merchants to accept payments for their goods and services using an array of different avenues. It was founded in 2015 by Islam Shawky, Mostafa El Menessy, and Alain El hajj.

Paymob provides online merchants with a comprehensive payment gateway that can be integrated into any e-commerce app or portal using APIs. The payment gateway comes loaded with all standard features, enabling merchants to accept recurring payments and even allowing them to offer installment payment options. 

There is another way for online merchants to accept payments from customers. They can share a payment link specific to their store with customers and get paid instantly. 

Additionally, the startup also enables merchants to accept payments from a number of different wallets, kiosks, and even point-based loyalty programs. 

Besides its home turf Egypt, the company is currently active in four other markets including Pakistan, Kenya, and Palestine. 

Speaking on the vision and impact of Paymob, the startup’s founder, Islam Shawky, said, “In a world where consumers are currently adopting digital products in all aspects of their lives, now is the time to invest in Paymob products to empower the digital economy.”

He added, “These unprecedented times have proven the need for a robust digital payments infrastructure to serve the rising demand from all business types and sizes during the pandemic which resulted in a drastic increase of 450% increase in merchant onboarding rate since the beginning of Covid-19.”

Sarah Faisal

Sarah Faisal

An enthusiastic content manager at Matter in Hand with an affinity for uncovering the magical bits of everything. I also love movies, poetry, and smoothie bowls.