RIYADH: Paymob, Egypt’s leading merchant financial services platforms, raised $50 million in a series B funding round led by venture capital firms PayPal Ventures, Kora Capital, and Clay Point. Paymob uses payment infrastructure to enable merchants to accept online payments whether online or in-store while providing access to financial services. The company will use its acquired funds to boost its presence in the Egyptian market, expand its product range, and enter new markets across the Middle East and Africa region. Founded in 2015, the company managed to grow the number of merchants and monthly volumes by four times on a year-on-year basis from 2021.