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April 8, 2021Blog Posts

Egypt’s Paymob closes $18.5M Series A to expand payments services across MENA

TechCrunch

While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely. Right now, Egypt is home to a burgeoning fintech startup ecosystem, and today, one of its biggest players, Paymob, announced that it has completed an $18.5 million Series A round.

In July 2020, Paymob raised $3.5 million as its first tranche of Series A investment. An additional $15 million was raised from the same investors, led by Dubai-based VC firm Global Ventures. Other investors include Egyptian investment fund A15 and Dutch development bank FMO.

The total raise of $18.5 million is the largest Series A round in Egypt yet, and one of the largest equity rounds in North Africa.

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