Cairo - Mubasher: Paymob, an Egypt-based omnichannel merchant financial services platform, has secured $50 million in the Series B funding round, led by Kora Capital, PayPal Ventures, and Clay Point.

The other investors in the funding included Helios Digital Ventures, British International Investment, Nclude, and Global Ventures, according to a press release on Monday.

The company will use the proceeds in expanding its product range, strengthening its position in the Egyptian market, and entering new markets across the Middle East and Africa region.

The round is the largest fintech, Series B in Egypt, raising the total funding of Paymob to more than $68.5 million and making the platform one of the most funded companies in the region.

Paymob’s Co-founder and CEO, Islam Shawky, said: "The Central Bank of Egypt initiatives that are continuously being introduced in the market to support fintech companies were key to Paymob's growth."

Meanwhile, the Director of PayPal Ventures, Ashish Aggarwal, added: "Paymob shares our mission and ambition of advancing digital payments adoption – it has made impressive strides in supporting the growth and success of underserved SMBs."