Document Analysis NLP IA
FREQ, RAKE or TFIDF
Summary (IA Generated)
While Nigeria and Kenya have been at the forefront of African fintech innovation, activities in Egypt are beginning to shape up nicely.
An additional $15 million was raised from the same investors in the first tranche led by Dubai-based VC firm Global Ventures.
Their market opportunity is also huge; Egypt’s transformation to a cashless society is being enabled by the unique products Paymob has built,” Basil Moftah, general partner at Global Ventures said of the investment.
The platform helps online and offline merchants to accept payments from their customers via several products and solutions.
For offline merchants, Paymob has a POS solution where they can receive in-store card payments.
The company also has a payment links feature where merchants share links with their customers to receive payments that are received using mobile wallets.
And according to the company, 85% of mobile wallets transactions carried out in Egypt is processed by its infrastructure.
CEO Shawky says the company has plans to expand into more Sub-Saharan African countries, however, that will come after focusing on the Gulf Cooperation Council (GCC) where it hopes to gain a large market share.
Per a statement released by the company, it will also use the investments to expand its merchant network, meet increasing demand, and improve product offerings.
The company also recorded a total payment volume of more than $5 billion from over 35,000 local and international merchants like Swvl, LG, Breadfast, Tradeline, among others.
It was even this growth that allowed the fintech company to raise the second tranche of investment after closing just $3.
As earlier iterated, fintech is on the rise in Egypt with startups like Moneyfellows, NowPay, Raseedi, Flick providing services in lending, payments, wealth and personal finance management, etc.
Since launching in 2007, Fawry has been the largest online payment platform in the country and offers a variety of services ranging from mobile wallet to banking services.
That said, the raise follows the launch of two funds — Algebra Ventures and Sawri Ventures in what can be described as an exciting week for startups and VCs in the country.