Paymob, Egypt’s omni-channel merchant financial services platform, announced it has raised US$50 million in a Series B funding round led by Kora Capital, PayPal Ventures, and Clay Point.

This Series B funding round brings Paymob’s total funding to over US$68.5 million.

Other new participating investors included Helios Digital Ventures, British International Investment, and Nclude.

Paymob’s existing investors including A15, FMO, and Global Ventures also participated in the round.

The proceeds will be used to expand Paymob’s product range and break into new markets across the Middle East and Africa region.

Paymob said that it plans to launch cards for its merchants to enable B2B transactions and build tools for merchants to better manage and grow their business.

The firm reported that it has onboarded over 100,00 merchants in less than two and half years and has plans to reach 1 million SMEs across the region.

“We are thrilled to complete this significant fundraising with the support of such renowned international investors including, PayPal Ventures, the venture capital arm of a global pioneer in the digital payment space.

 

It is a major endorsement of the strategy we have implemented to date and the scale of the opportunities we can harness.”

said Islam Shawky, Paymob’s Co-founder, and CEO.