The funding will help Paymob expand its footprint in Africa and the Middle East. Here are the top-line bullets you need to know.
Paymob, a payment service provider, has raised $50M in a Series B. The round drew participation from Helios Digital Ventures, Kora Management, FMO, PayPal Ventures, and Clay Point Investors, among others.
HOW’S THE COMPANY PERFORMING?
- Egypt-based Paymob enables businesses to accept both in-store and online payments.
- Catering to 12M+ users, the platform has processed over 120M transactions since its inception.
- Its merchant base sits at 100K+, up from 35K last year, and it includes Vodafone, LG, Virgin, and Decathlon.
Source: Paymob
WHY DOES THE MARKET MATTER?
- The global digital payment market is expected to reach a value of $361.3B by 2030, growing at a CAGR of 20.5%, according to Grand View Research.
- Equity deals to private payments companies saw a record-breaking quarter in Q1’22, growing 37% quarter-over-quarter (QoQ) to 261.
- The US led in total payments deals globally with 87 in Q1’22 — a record high for the region, up 61% QoQ.
- The pandemic-induced rise in demand for contactless payment methods, including mobile wallets and contactless cards, has contributed to growth in this market.
