Paymob has raised US$15-million from existing investors led by Global Ventures to expand its digital payments platform. Paymob is an Egyptian digital payment provider that runs millions of transactions for medium businesses in Africa and the Middle East. The solutions allow businesses to accept and send payments to support their online offering to customers since Paymob’s establishment in 2013 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
Paymob intends to expand its product offering and invest in product development and leverage off its strong partnership with the likes of Mastercard, Vodafone, Bank Audi, Saib and the Egyptian CIB among others. The fintech startup intends to provide its services to Saudi Arabia in 2021.
Global Ventures is a United Arab Emirates based venture capital fund with a focus on artificial intelligence, machine learning, fintech, IoT, health tech, mobility and sustainable energy. Global Ventures has invested in tech start-ups such as Modum, ETHLend, Bankera, Vetri, Bee Cargo Coin, Buying.com, Hive and Trustwire. The fund is led by Dr Christoph Lymbersky and Benjamin Scherer. The stake acquired by investors led by Global Ventures was not disclosed.