{"id":546261,"date":"2022-05-10T04:00:42","date_gmt":"2022-05-10T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/"},"modified":"2022-05-10T04:00:42","modified_gmt":"2022-05-10T04:00:42","slug":"paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/","title":{"rendered":"Paymob closes USD 50 mn series B round, wants to enter GCC this year"},"content":{"rendered":"

<\/a> Paymob closes Egypt\u2019s largest ever fintech series B round: <\/strong>Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf)<\/a> yesterday, calling it the largest round of its type for an Egyptian fintech firm. The round was led by emerging market investor Kora Capital<\/a>, PayPal\u2019s venture capital arm PayPal Ventures<\/a>, and Clay Point<\/a>, an agent of London-based investor Eden Rock<\/a>.<\/p>\n

Who else participated? <\/strong>Other investors included Helios Digital Ventures<\/a>, the UK government\u2019s development finance arm British International Investment<\/a> (formerly CDC Group), and the Global Ventures-managed fintech fund Nclude<\/a>, which counts a cornucopia of state-owned banks among its limited partners. All Paymob\u2019s existing investors also participated \u2014 including A15 and Dutch entrepreneurial development bank FMO, who took part in Paymob\u2019s USD 18.5 mn series A round<\/a> last year.<\/p>\n

Big money: <\/strong>While many startups don\u2019t specify how much they\u2019ve raised (instead saying they raised an \u201cxx-figure\u201d round, while failing to even specify a currency), the transaction is one of the the largest funding round we\u2019ve heard of for a local startup, earning mention in the same breath as MNT-Halan\u2019s blockbuster USD 120 mn round<\/a> last September and ahead of Khazna\u2019s USD 38 mn series A last month<\/a>.<\/p>\n

Paymob is doing well: <\/strong>It closed the round n the back of a strong 2021, during which the company recorded 4x y-o-y growth in the number of merchants and monthly volumes, the statement read.<\/p>\n

Where the funds are going: <\/strong>Paymob will use the round for its regional expansion plans across the GCC and North Africa, to add new products, and expand its merchant base. \u201cWe want to increase the merchant network we have whether online, POS or tap-on-phone,\u201d co-founder and CEO Islam Shawky told Enterprise. He added that the company is building tools for merchants to better manage their business expenses.<\/p>\n

Paymob wants to enter a GCC country this year<\/strong>, Shawky tells us. \u201cThe problem we\u2019re solving is not an Egypt-only problem. We really see that a lot of emerging markets are suffering from being extremely cash dependent, SMEs specifically,\u201d he said. The company will start operations in Pakistan next quarter after officially launching there last month<\/a>, and wants to onboard over 100k Pakistani merchants within two years, Shawky said.<\/p>\n

It also wants to get in on financial services<\/strong>: <\/strong>\u201cWe\u2019re looking at how to grow the working capital of businesses in partnership with financial institutions \u2026 we\u2019re moving from just payments into becoming a financial services enabler,\u201d he said.<\/p>\n

Paymob is one of four companies Nclude has invested in so far: <\/strong>The USD 85 mn fintech fund<\/a> launched by Dubai-based VC Global Ventures and backed by Egyptian state-owned banks has also announced investments in Khazna, Lucky and Mozare3.<\/p>\n

Investors are super keen on Egyptian fintech:<\/strong> Egypt has seen an increase of 20 startups, a 300% increase in funding, and more than double the average ticket size when it comes to fintech and fintech-enabled startups. Curious about what\u2019s next in fintech? We recently sat with a number of fintech leaders to learn more about the sector, read our two-part discussion here<\/a> and here<\/a> or go listen on Apple Podcasts<\/a>.<\/p>\n

The story got international coverage from<\/strong> Forbes Middle East<\/a> and The National<\/a>.<\/p>\n

IN OTHER STARTUP NEWS- Emirati buy-now-pay-later startup <\/strong>Cashew<\/a><\/strong> will enter <\/strong>the Egyptian market<\/strong> with the help of Mashreqbank, after the UAE lender acquired a c. 20% stake in the company in a USD 10 mn debt and equity transaction, Reuters<\/a> reported.<\/p>\n

Also eyeing expansion into Egypt: A new merger between UAE incubator <\/strong>CE-Creates<\/a><\/strong> and Abu Dhabi VC <\/strong>Hatch & Boost<\/a><\/strong>, according to a statement picked up by Wamda<\/a>. The partnership will operate under the name hatch & boost Ventures, and plans to expand into Egypt and Saudi Arabia \u201cin the coming years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Paymob closes Egypt\u2019s largest ever fintech series B round: Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf) yesterday, calling it the largest round of its type for an Egyptian fintech firm. The round was led by emerging market investor Kora Capital, PayPal\u2019s venture capital arm […]<\/p>\n","protected":false},"author":1,"featured_media":546262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[1820,72,183,1821,1410,1370,1819,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-clay-point","tag-enterpriseam","tag-fintech","tag-kora-capital","tag-nclude","tag-paymob","tag-paypal-ventures","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"08438889-d1a6-4753-9417-acba84ec6fa4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/114.jpg","photo_position":"above","related_issue":[546255],"teaser":"","voice_url":""},"yoast_head":"\nPaymob closes USD 50 mn series B round, wants to enter GCC this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paymob closes USD 50 mn series B round, wants to enter GCC this year\" \/>\n<meta property=\"og:description\" content=\"Paymob closes Egypt\u2019s largest ever fintech series B round: Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf) yesterday, calling it the largest round of its type for an Egyptian fintech firm. 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Paymob raised USD 15 mn from existing investors in the second tranche of its series A led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO). Paymob\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/","url_meta":{"origin":546261,"position":2},"title":"Paymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"Paymob enters the UAE: Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf) yesterday. The company is looking to make a \u201csizable investment\u201d in the UAE market over the next three years, the release reads.New hub, new management:\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573600,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/egyptian-fintech-firm-paymob-raises-usd-3-5-mn-investment\/","url_meta":{"origin":546261,"position":3},"title":"Egyptian fintech firm Paymob raises USD 3.5 mn investment","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"STARTUP WATCH- Local fintech startup Paymob has raised USD 3.5 mn in an investment round led by Global Ventures and the Dutch Entrepreneurial Development Bank (FMO), according to an emailed statement (pdf). VC tech fund A15 also contributed to the round with a follow-on investment. The payments firm plans to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545029,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/","url_meta":{"origin":546261,"position":4},"title":"Intella closes USD 1 mn seed round + online grocer ON Market raises USD 215k","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Cairo-based market research firm Intella has secured USD 1 mn in a seed funding round led by Hala Ventures, with participation from Falak Startups, the International Cooperation Ministry\u2019s venture capital arm, Egypt Ventures, and a number of angel investors, according to a statement(pdf). The startup bills itself as the region\u2019s\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/715.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/introducing-nclude-global-ventures-new-usd-85-mn-fintech-fund\/","url_meta":{"origin":546261,"position":5},"title":"Introducing Nclude: Global Ventures\u2019 new USD 85 mn fintech fund","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Global Ventures, state banks launch USD 85 mn fund: Three of Egypt\u2019s state-owned banks are investing in a new USD 85 mn fintech fund launched by Dubai-based VC Global Ventures, according to a statement(pdf) out yesterday. The fund, dubbed \u201cNclude,\u201d will invest in Egyptian startups specializing in fintech and working\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546261"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546261\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546262"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546261"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546261"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}