Paymob, an Egyptian digital payments startup, announced this week that it completed its Series A round with $18.5 million.
The investment was led by VC firm Global Ventures based in Dubai, along with Egyptian Investment Fund and Dutch Development Bank.
The company was founded in 2015 by Islam Shawki, Alain El Hajj and Mostafa El-Menessy with a vision to revolutionize payments in the Middle East and Africa.
It offers payment solutions via plug ins using APIs, as well as POS solutions, using links to receive payments in mobile wallets and other solutions.
Paymob is present in other countries like Kenya, Palestine and Pakistan. They are planning to expand in GCC countries and Sub Saharan Africa.
The company announced that the investments will be used to expand the network of merchants it works with, meet the market demands and improve the product.
The founders stated that COVID-19 accelerated the need for Fintech, which made it easier for VCs to invest.
Such investment, puts Egypt along with Kenya and Nigeria in the African countries with booming Fintech.