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Egypt's Paymob to expand footprint to Saudi Arabia

Egypt's Paymob to expand footprint to Saudi Arabia

ArabFinance: Egyptian digital payments provider Paymob plans to expand to Saudi Arabia after securing a $15 million fund, co-founder and Chief Operating Officer Alain El Hajj told Bloomberg on April 8th.

The Cairo-based firm, which provides mobile wallet products for companies including banks and phone operators and also helps process retail payments, has a huge potential to expand its presence in two Arab nations in 2021.

The early-stage funding round was led by existing investors including Global Ventures, the UAE-based venture capital firm. Other backers include Dutch tech investment fund A15 and development bank FMO.

The company's revenues hiked overtimes in 2020, and its infrastructure processed more than 85% of transactions made through mobile wallets in its home market.

Paymob is used by more than 35,000 Egyptian and global merchants, such as Swvl, LG, Samsonite, Aeropostale, Befit, Breadfast, Gourmet, and the American University of Cairo. It also serves businesses in Kenya, Pakistan and Palestine.

 

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