Egyptian digital payments provider Paymob has raked in an $18.5m investment in a funding round led by VC Global Ventures.

The company will use the funding to accelerate its expansion in Saudi Arabia and other Middle East regions.

The company raised $15m from its existing investors in the second tranche of its Series A financing round, following a $3.5m first tranche last July.

Investors in the company include tech investment fund A15 and the Dutch entrepreneurial development bank FMO.

Cairo-headquartered Paymob offers mobile wallet products for companies including banks and phone operators and has users in Kenya, Pakistan, and Palestine in addition to Egypt.

Paymob, which processes over $5bn in payments annually, is eyeing to build on the 500% spike in monthly revenue it had in Egypt last year, according to a report by Bloomberg.

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The company’s merchant base, which is said to include Paymob counts Swvl, LG Corp, and Samsonite International, surged to more than 35,000 merchants from 1,000 after the Covid-19-induced spike in digital transaction.

According to Paymob CEO Islam Shawky, the company has applied for a license in Saudi Arabia and is in talks with the regulator.

He also said that both Egypt and Saudi Arabia have a ‘great regulatory environment that’s pushing the industry’.

According to reports, cashless payment in the country rocketed during the pandemic, with digital and card-based point-of-sales transactions amounting to over 40% of consumer spending.

Last December, Swiss digital payment solutions provider BPC partnered with payment fintech Interpaymea to expand its services in the Kingdom of Saudi Arabia (KSA).