Paymob Secures $22 Million Series B to Accelerate MENA growth

Paymob Secures $22 Million Series B to Accelerate MENA growth

by | Sep 12, 2024 | Startups News

Egypt-based Paymob has recently raised a $22 million Series B extension round. Consequently, this increase brings the company’s total Series B funding to an impressive $72 million. With this new capital, Paymob is set to significantly boost its growth and expand across MENA.

EBRD Venture Capital Leads Round, Supported by Key Investors

Firstly, EBRD Venture Capital led the funding round. Additionally, Endeavor Catalyst participated, demonstrating further support. Furthermore, existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures joined in. Therefore, their collective support underscores strong confidence in Paymob’s strategic direction and business model.

Remarkable Growth and Strategic Future Plans

Since its initial Series B funding in Q2 2022, Paymob has experienced outstanding growth. Specifically, the company saw a sixfold increase in revenue within Egypt. Consequently, this impressive performance, combined with the new influx of capital, positions Paymob to drive its expansion plans effectively across MENA.

Founded in 2015, Paymob achieved several key milestones. For instance, it received the Central Bank of Egypt’s Payments Facilitator license in 2018. Subsequently, the company launched operations in the UAE in 2022 and earned Saudi Payments PTSP certification in May 2023. Moreover, in December 2023, Paymob became the first international fintech to obtain Oman’s PSP license.

Expanding GCC Reach and Enhancing Payment Solutions

The recent Series B extension follows Paymob’s earlier $50 million Series B round in 2022. Notably, this earlier funding facilitated Paymob’s expansion into the GCC region. As a result, the company launched its app and significantly increased its merchant base by 3.5 times, now serving nearly 350,000 merchants. Additionally, Paymob now offers 50 payment methods through its gateway, POS terminals, and app, reinforcing its comprehensive service offering.

Recently, Paymob introduced embedded checkout experiences on platforms such as Shopify and WooCommerce. This enhancement aligns with its broader strategy to deliver advanced and omnichannel payment solutions.

Leadership Insights on Paymob’s Future

Islam Shawky, co-founder and CEO, expressed enthusiasm about the company’s future. He highlighted the strong market positions in Egypt and the UAE. Shawky stated, “We’re thrilled by our progress in Egypt and the UAE. This funding will help us capitalize on our success and accelerate our GCC expansion. Therefore, we remain committed to supporting SMEs in the digital economy.”

Bruno Lusic of EBRD Venture Capital also shared his excitement. He commented, “We are eager to support Paymob as it continues to grow. The MENA region’s shift towards non-cash payments offers a substantial opportunity. Thus, Paymob is uniquely positioned to lead with its advanced technology and strong team.”

Allen Taylor from Endeavor Catalyst added, “Fintech in the Middle East is gaining global recognition. Building on this momentum, we’re excited to support Islam Shawky and his team. Their efforts to enable businesses to thrive in the digital economy are impressive.”

Conclusion

In summary, Paymob’s Series B extension highlights the company’s significant growth and strong investor confidence. As it moves forward, the expanded capabilities and enhanced market presence will drive notable advancements in fintech. Therefore, stay tuned for more updates on how Paymob continues to innovate and lead in the digital payments space.

FlapKap Secures $34 Million in Funding to Expand SME Finance

FlapKap Secures $34 Million in Funding to Expand SME Finance

by | Sep 11, 2024 | Startups News

UAE-based fintech FlapKap has successfully raised $34 million in a pre-Series A round, combining both debt and equity financing. BECO Capital led the round, while Pact VC, A15, Nclude, QED Investors, and Channel Capital also contributed. This funding marks a major milestone in FlapKap’s growth journey.

Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers financial solutions designed for small and medium enterprises (SMEs). The company helps SMEs boost their inventory and digital advertising spend with quick access to cash, which they can repay later. Consequently, these businesses can scale more effectively.

Rapid Growth and Expansion Plans

Previously, FlapKap raised $3.6 million in seed funding in 2022, increasing the total funding to $37.6 million. With this new investment, FlapKap plans to extend its services across the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) regions. Additionally, they will enhance their technology infrastructure to launch new trade finance products for B2B businesses. This strategic move will strengthen FlapKap’s position in the fintech industry.

FlapKap’s Innovative Approach

FlapKap distinguishes itself through its data-driven approach in evaluating loan applicants. The platform integrates data from eCommerce platforms, social media, and bank accounts to assess businesses. Additionally, AI-powered models and open banking streamline the process and cut operational costs, enabling FlapKap to deliver loan offers within 48 hours. This approach not only accelerates the process but also provides SMEs with flexible and accessible financing options.

Addressing the SME Financing Gap

SMEs represent 90% of businesses in the MENA region, yet many face difficulties in securing funding. FlapKap addresses this issue by automating the lending process. According to the International Finance Corporation, the SME financing gap in MENA totals $180 billion. By bridging this gap, FlapKap ensures that more SMEs can access the funds they need to grow.

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Wattnow Secures Multi-Million Dollar Funding

Wattnow Secures Multi-Million Dollar Funding

by | Sep 6, 2024 | Startups News

Tunisian cleantech startup Wattnow has successfully completed a multi-million dollar funding round, paving the way for accelerated growth. Lateral Frontiers and 216 Capital spearheaded the round. Additionally, Outlierz Ventures, Satgana, Octerra Capital, and angel investors such as InstaDeep founder Karim Beguir and Guillaume Amblard joined in.

Revolutionizing Energy Management

Founded in 2018 by Issam Smaali, Wattnow provides innovative smart energy management solutions. The company integrates plug-and-play hardware with software, enabling businesses to control and monitor their energy usage. Companies can automate processes, receive real-time alerts, and track energy consumption with ease.

Smart sensors and machine learning algorithms power Wattnow’s platform. As a result, businesses access detailed insights through a cloud-based dashboard. This system allows them to optimize energy use and meet sustainability goals effectively.

Expanding Global Presence

In 2022, Wattnow raised $1.3 million in a pre-Series A round led by Katapult Climate and 216 Capital. With the new funding, Wattnow plans to enhance its technology and expand globally. Although Wattnow’s international reach is currently limited, it has already served clients in over 11 countries, including significant markets in Europe, the Middle East, Africa, and North America.

Advancing Sustainability

Smaali stated, “This funding is a significant milestone for us. With our investors’ backing, we can expand our global footprint, enhance our technology, and support our clients’ sustainability efforts. Notably, our initial clients from Tunisia are now using our solution across multiple continents, underscoring its global appeal.”

In conclusion, Wattnow’s innovations will likely shape global energy management, promoting efficiency and sustainability.

Syarah Raises $60 Million in Latest Funding Round in KSA

Syarah Raises $60 Million in Latest Funding Round in KSA

by | Sep 5, 2024 | Startups News

Syarah, a leading autotech platform based in Saudi Arabia, has successfully raised $60 million in a Series C funding round. This significant investment was led by Artal Capital, with notable participation from Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi, founder of Haraj. With this round, Syarah’s total funding has now surpassed $82 million.

Company Background and Expansion

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah has transformed the car buying experience. Initially focusing on new cars, the platform allows customers to purchase vehicles online and have them delivered directly to their doorsteps. In 2019, Syarah expanded its services to include used cars. Customers now benefit from a free car inspection report, a five-day money-back guarantee, and a one-year warranty. These features have significantly enhanced the buying experience.

Use of Funds and Future Growth

The recent funding round, which also included a $20 million venture debt facility from PFG, will be used to accelerate Syarah’s growth. This capital will support the company’s plans to solidify its leadership in the Saudi used car market. Since its inception, Syarah has grown rapidly, now selling over 12,000 cars annually.

Statements from Key Figures

Salah Sharef, CEO and Co-Founder of Syarah, commented on the investment:

“We are thrilled to have the backing of such esteemed investors led by Artal Capital. This funding will enhance our value proposition in the used car market. Our success in sourcing, inspecting, reconditioning, and selling cars online has set new industry standards. With this investment, we aim to expand our reach and further improve our services.”

Rayan Alrasheed, CEO of Artal Capital, highlighted the strategic fit of the investment:

“Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see tremendous potential in their business model and believe our investment will help Syarah reach new heights. This funding round underscores our commitment to supporting tech-enabled companies that drive economic growth and create value in Saudi Arabia and the GCC region.”

Wassim Moukahhal, Head of Alternative Investments at Artal Capital, added:

“We are excited to support Syarah in this next growth phase. Their ability to blend technology with traditional car sales has improved efficiency and enhanced customer satisfaction. We look forward to seeing Syarah continue to innovate and lead the market.”

Conclusion

In summary, Syarah’s successful Series C round underscores its pivotal role in transforming the automotive retail landscape in Saudi Arabia. With strong backing from prominent investors, the company is well-positioned to advance its strategic goals and drive further growth in the evolving used car market.

Dubai-Based Startup Cercli Secures $4 Million in Seed Funding

Dubai-Based Startup Cercli Secures $4 Million in Seed Funding

by | Sep 4, 2024 | Startups News

Dubai-based HR SaaS startup Cercli has raised $4 million in a seed funding round led by Afore Capital, a US-based venture capital firm. Notably, this is Afore Capital’s first investment in the MENA region, highlighting the increasing interest in the area’s tech ecosystem.

Diverse Investment Support

The seed round attracted several high-profile investors. Amir Farha’s COTU Ventures, Y Combinator, Rebel Fund, and various angel investors also participated. Among the notable angel investors were Karim Atiyeh, co-founder of Ramp, and Sebastian Mejia, co-founder of Rappi. Additionally, Tony Dong, former VP of Engineering at Rippling, and Tony Jamous, co-founder of Oyester, invested. Other contributors included Allison Pickens and founders and executives from Kitopi, Careem, and other MENA startups.

Streamlining HR Processes

Founded last year by Akeed Azmi and David Reche, Cercli aims to transform payroll and workforce management in the MENA region. The platform offers a solution that integrates several back-office functions. These include local payroll, remote contractor management, HR services, and onboarding. As a result, businesses can eliminate the need for multiple tools, leading to more streamlined operations.

Moreover, Cercli’s product integrates with various HR, finance, accounting, legal, and IT software. This makes it a versatile tool for managing distributed teams.

Rapid Growth and Expansion Plans

Since launching earlier this year, Cercli has grown rapidly. The startup reports a 25% increase in monthly activity. It has also facilitated over $23 million in salary payments across 31 countries. This growth demonstrates Cercli’s capability to handle significant payroll volumes.

Akeed Azmi, co-founder of Cercli, emphasized the platform’s importance in addressing compliance challenges. “We built Cercli to replace multiple isolated systems with a singular, modern payroll and employee data platform. This empowers businesses to manage their local payroll, remote contractors, employer of record services, HR, and onboarding efficiently.”

Future Prospects

Cercli plans to use the newly acquired funds to enhance its product offerings. Additionally, it aims to accelerate its expansion into Saudi Arabia. Anamitra Banerji, Co-founder & Managing Partner at Afore Capital, noted the startup’s potential. He stated, “Cercli is addressing one of the region’s largest challenges—managing a global workforce while meeting compliance requirements. This investment reflects our belief in the MENA region’s untapped potential and the transformative impact of visionary founders like Akeed and David.”

With a solid team and a growing client base, Cercli is positioned to become a key player in the MENA region’s HR technology landscape.

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