The Egypt’s capital Cairo Centred Digital Payments start-up Paymob has got a shot in its funding as it has garnered up $15 million within its latest funding for development of their operations across the territory as the COVID-19 Pandemic has triggered a tremendous impetus on the Cashless transactions.
As per statement released from the firm on Thursday, the early-phase funding round was driven by the existing investors that also included Global Ventures-A UAE-based Venture Capital firm. The other investors included the Dutch tech investment fund A15 and development bank FMO. It has followed up on a $3.5Mn upsurge within July the preceding year.
There is absolutely no doubt, that the uncertain phase of the dreaded Pandemic is endured to stay and with the aid of secured payment services, the demand for contactless digitalized payments as well as financial services are on constant surge as the public are optimally utilizing them as well as online banking services for transferring funds as well as for payment of E-commerce transactions and amidst the constant rise in COVID-19 Pandemic threat.
The firm was also quick to state that their overall monthly revenues surged up five times within 2020 and that their infrastructure had already handled 85 percent of the financial transactions made via Mobile Wallets in their home market. This is in turn optimally utilized in excess of 35,000 Egyptian and global merchants, such as Swvl, LG, Samsonite, Aeropostale, Befit, Breadfast, Gourmet, and the American University of Cairo.
They also aid in for offering the trade within the Kenya, Palestine as well as in Pakistan.
Islam Shawky, Paymob’s chief executive as well as the firm’s co-founder also further stated out that: “This latest capital raise will accelerate our progress to reducing the digital payments bottleneck as well as all our existing investors have increased their holdings.”
The firm also stated out that: “Paymob empowers underserved SMEs (small and medium enterprises) with improved and more accessible digital payments offerings as part of the Central Bank of Egypt’s efforts and initiatives towards nationwide digital financial inclusion. The company will accelerate its expansion in Saudi Arabia and other markets across the region, in 2021.”
Run by the general partners Noor Sweid as well as Basil Moftah, the Global Ventures, has huge investments within numerous firms that include Arrow Labs, Kitopi, Mumzworld, and Tabby, among others. While Netherlands-based A15 has investments in 17 establishments functioning in 20 markets.
Mr Moftah stated that the “PayMob’s business prospect is huge and that it will propel Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built. We look forward to continue supporting their expansion.” Karim Beshara, the A15’s chairman stated out that; “the firm has already shown out huge returns with very limited resources.
“Witnessing the impact of facilitating financial services to millions of end-consumers and tens of thousands of merchants coupled with hypergrowth has been a very fulfilling experience for A15.”