PayPal was among the investors helping the payment platform digitise emerging economies.
Payment processor PayPal co-led a $50m series B round today for Egypt-based digital payment services provider Paymob to make contactless payments widespread in the region.
Founded in Cairo in 2015, Paymob provides omnichannel payment infrastructure that allows businesses to accept payments through multiple methods such as cards, QR codes, buy now pay later instalments, mobile wallets and more.
Through a partnership struck with payment processor Mastercard earlier this year, Paymob is offering mobile-based point-of-sale systems for merchants to accept contactless digital payments without the need of buying traditional point-of-sale devices, which can be prohibitively expensive.
A growing number of international businesses are also using Paymob’s infrastructure, including recent additions such as Decathlon, Virgin, Vodafone, LG, Chalhoub Group, Swvl, Homzmart and Breadfast.
It recently expanded into the Pakistani market and plans to follow up with entries into more markets across the Gulf region and North Africa. The company claims to have…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
