Paymob, the Cairo-based payments company, acquired $3.5 million in capital, an investment cycle run through Dubai’s Global Ventures and the FMO of the Netherlands Business Development Bank.
The current A15 investor also participated in the round.
Created in 2015 through Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob is helping online and offline merchants settle for invoices that employ solutions.
For online or e-commerce merchants, Paymob provides a virtual payment gateway that can be incorporated into the merchant’s website. It is also available for integration with mobile programs via popular APIs. The payment gateway allows merchants to manage recurring payments. Payment plans are also available.
Paymob’s payment link feature allows merchants to settle invoices by sharing a link with their customers. The link can be sent via social networks or messaging apps to customers, making it easier for them to pay for products or services. Custom invoices can also be sent by email, which can come with a link to make a quick payment.
For offline and in-person retailers, Paymob offers a point-of-sale solution with a device that allows merchants to manage card payments in the store.
Paymob products also allow merchants to settle invoices through other mobile or virtual wallets, kiosks, and also support loyalty programs.
Egyptian corporate Fintech states that its virtual portfolio infrastructure can handle more than 85% of the percentage of transactions in the domestic market. Paymob also serves clients in Pakistan (among several other jurisdictions).
Fintech works with several multinational merchants, Swvl, ElGouna, Tradeline, Befit, Gourmet and Metro Market.
Islam Shawky, co-founder and CEO of Paymob, said:
“These unprecedented times have shown [that we need] a virtual payment infrastructure to meet the developing demand of all businesses.”
Paymob said it would use the budget to expand its diversity of products and to other markets. The fintech startup also aims to empower SMEs that would possibly have difficulty maintaining their operations due to COVID-19.
Alain El-Hajj, co-founder and chief operating officer of Paymob, noted:
“Paymob merchants and partners will gain advantages from this funding cycle as Paymob will increase their investments in their primary payment to better serve our existing base and better meet developing demand.”
In June 2020, Tpay Mobile, a virtual commercial acquirer from MENA in Cairo, Egypt, announced that it had acquired Payguru, a Turkish payment company.
Payguru supports cell phone bills, MONEY bills at ATMs and bank removal services. The corporation has incorporated its platform with cellular network operators and giant banks.
Also in June, Egyptian financial technology expert Mohamed Okasha said the country needed a more specialized budget, particularly for the progression of monetary technology.
FinancialFellows, in Cairo, secured $4 million in capital through an A series led through Partech and Sawari Ventures. In May 2020, Buy Now Pay Later Fintech Shahry acquired $650,000 in initial Gulf Egyptian Holding financing for monetary investments.