Paymob, started by three college friends, lands another $22 million and is profitable in Egypt

Quick Summary:

So far, Paymob, which describes itself as a financial services enabler, has raised over $90 million to scale up to this point, including a recently closed $22 million extension to its Series B round led by EBRD Venture Capital.

Our business grew six times in two years and four months; yes, we’ve been growing our merchant base, but it’s also because these merchants are processing more digital volumes.

As an illustration of this explosion in demand, Paymob offers only an online acceptance product in the UAE, yet in just 14 months, its transaction volume in the UAE has grown to match the size of its entire Egyptian business, which took five years to build.

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Article Details

Author / Journalist: Tage Kene-Okafor

Category: Technology

Markets: United StatesChinaEgyptGermanyOmanPakistanSaudi Arabia

Topics: Fundraising Fintech

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-11 @ 08:00:00 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1539 words

Reading Time: 9 minutes read

Sentences: 63 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 22456555

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