Paymob closes largest-ever Series A for an Egyptian fintech

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Five-year-old fintech Paymob has closed its Series A round, landing the largest amount of capital for a startup company in its category in Egypt. The Cairo-based business has raised a total of $18.5 million from a group of investors led by Global Ventures, which also saw participation from venture investment firm A15 and Dutch development bank FMO. Neither the valuation terms of the deal nor the size of the stakes held by the round’s investors have been disclosed.

Paymob will use the fresh capital to speed up its penetration of new markets in Africa and the GCC. The payments company wants to grab more market share and cement its market position as one of the region’s leading payment service providers.

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