Paymob raises $18.5m in Series A funding

Paymob’s three co-founders – Islam Shawky, Alain El-Hajj and Mostafa El Menessy – told FinTech Futures in September 2020 that they believed there was a bigger opportunity to be had on the acceptance side. “Without acceptance, our first proposition – issuing – couldn’t grow,” El-Hajj said. “In emerging markets like Egypt people need to use these wallets somewhere, otherwise they’ll just take the cash out somewhere and spend that.”

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