Egyptian FinTech Paymob raised $50Mn in Series B led by PayPal Ventures, Kora Capital & Clay Point

Egyptian FinTech Paymob raised $50 million in Series B led by PayPal Ventures, Kora Capital, and Clay Point where Helios Digital Ventures, British International Investment, and Nclude, with existing investors A15, FMO, and Global Ventures also participated.

Paymob creates an omni-channel payment infrastructure that allows businesses to accept digital payments both online and in-store, as well as improve their access to financial services. The funding will be used to turbocharge the company by expanding its product line, solidifying its presence in the Egyptian market, and expanding into new markets throughout the Middle East and Africa region. Paymob also intends to issue cards to its merchants in order to facilitate B2B transactions and to develop tools to help them better manage and grow their businesses.

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