It is the largest ever Series A fund raise by an Egyptian company and one of the largest fintech equity rounds in North Africa. Paymob provides underserved small and medium-sized enterprises (SMEs) with improved and more accessible digital payments offerings as part of the Central Bank of Egypt’s (CBE) efforts and initiatives towards nationwide digital financial inclusion. The large digital payments gap still exists and we are delighted to be working with progressive-thinking regulators to address this. This latest capital raise will accelerate our progress to reducing the digital payments bottleneck. Paymob’s market opportunity is huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built.

Source: The North Africa Journal April 08, 2021 16:30 UTC