Egypt, Cairo, September 2016, A15, a leading technology investor, announced today its new investment in PayMob, a leading Payment Service Provider that provides payments infrastructure for banks & mobile operators to achieve the collective vision of an advanced cashless society. PayMob leverages all existing channels to develop innovative technologies aiming to convert cash into electronic payments.
“We are very optimistic about this strategic investment and the future of this partnership,” said A15’s CEO, Fadi Antaki. “This investment decision was made, well, because it solves a real problem, we were also really impressed by the PayMob team’s ability to generate substantial growth with limited resources.” A15’s CEO, Fadi Antaki added. “PayMob’s team is currently processing millions of transactions and hundreds of millions of dollars per year, the company achieved a 75x growth rate in first two quarters of 2016 and plans to reach 200x before the end of the year.”
During the product’s early days the PayMob team was focused on increasing their merchant base as well as refining the company’s product offerings to guarantee providing high value to all their stakeholders. PayMob recently came out from product validation and traction phase and is now available to all stakeholders as a one-stop shop for payment acceptance. The company empowers merchants with services and guidance to improve and facilitate their payment collection cycles whether through online payment, in-app, in-store, mobile wallets and/or cash collection.” We are empowering merchants to never miss a transaction”, said PayMob’s, CEO, Islam Shawky PayMob’s, COO, Alain El Hajj, shed light on the company’s product development plan, “PayMob is on a constant quest of developing innovative models for digitizing payments pushing forward the payments ecosystem at large and increasing financial inclusion.”
“Joining forces with A15 made perfect sense; considering A15’s reach and experience in electronic payments with mobile operators. We are also thrilled to be working with A15 on truly reaching our growth potential and achieving strategic plans and vision”, said PayMob’s, CEO, Islam Shawky.
Recent studies confirm the growth of electronic commerce sector in Egypt, which encouraged A15 to back PayMob as a provider of a key piece of infrastructure needed to accelerate the digital and internet economy in Egypt. “We are excited about this partnership as it supports our mission which is empowering local digital businesses to support the country’s GDP and create more jobs. Our investment in PayMob as a leading payments service provider directly strengthens and accelerates the growth of the digital and internet economy, which is expected to see exponential growth. One study conducted by euromonitor states that e-commerce in Egypt is expected to more than triple by the end of 2016. Another study conducted by global entrepreneurship library stated that Egypt ranked number 12 in the world in terms of the best markets to invest in internet-based ecommerce. The Egyptian population is becoming more bankable day in and out, as according to Central Bank of Egypt; credit cards grew by 40% and debit cards grew by 36% since 2010.All this could present a perfect opportunity for PayMob”, said A15’s CEO, Fadi Antaki.
A15 is an entrepreneurial company that invests in digital products and technology brands.