Paymob raises US$3.5-million from Global Ventures and FMO

Paymob has raised US$3.5-million form Global Ventures and the Dutch Development Bank known as FMO, to expand its network of merchants and meet the increasing demand for digital payments. 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.

Global Ventures is a 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 Global Ventures and FMO was not disclosed.

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