Egyptian fintech startup Paymob has raised a US$50 million Series B funding round to help it launch new products and expand into additional markets. The startup, which closed a US$18.5 million Series A funding round last year and recently launched in Pakistan, has announced a US$50 million Series B round, led by PayPal Ventures, Kora Capital, and Clay Point. The round, which also saw participation from Helios Digital Ventures, British International Investment, and Nclude, alongside existing investors A15, FMO, and Global Ventures, brings Paymob’s total funding to almost US$70 million. Having recently entered the Pakistani market, Paymob is planning to expand to additional markets in the GCC and North Africa. “Paymob shares our mission and ambition of advancing digital payments adoption – it has made impressive strides in supporting the growth and success of underserved SMBs,” said Ashish Aggarwal, director of PayPal Ventures.

Source: The North Africa Journal May 10, 2022 15:34 UTC