News

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

3 weeks ago

September 12, 2024

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.

News

Oura’s Fourth-Generation Ring Becomes Sleeker And Smarter

The Finnish tech company’s fourth-gen Ring offers a sleeker design, improved sensors, and smarter health insights, along with a revamped app.

Published

3 hours ago

October 3, 2024

Nour Nasir

Oura

Oura, the Finnish company known for pioneering smart rings, has just revealed its fourth-generation Ring. The updated version features a refined design, improved battery life, and upgraded sensors that provide more detailed health insights.

One of the biggest changes in the Ring 4 are the sensors, which now sit flush with the surface, making it smoother and sleeker. The improvements go beyond just aesthetics, with Oura stating that the Ring 4 now has 18 signal pathways, a significant increase from the 8 found in the previous generation.

The company claims that the updated sensors improve blood oxygen data accuracy by 30%, while gaps in nighttime heart rate are reduced by 31%, and daytime gaps are cut by 7%. Although the exact battery capacity hasn’t been revealed, the sensor optimizations should also allow the Ring 4 to last up to eight days on a single charge.

The Ring 4 is available in 12 sizes (4-15) and six colors: Silver, Brushed Silver, Gold, Rose Gold, Stealth, and Black. All options except Stealth are coated in titanium with a physical vapor deposition finish, while Stealth features a diamond-like carbon coating.

The Ring is also water-resistant up to 100 meters, making it suitable for swimming and sauna use, though not for dedicated deep-sea divers.

In addition to hardware upgrades, Oura is rolling out a redesigned mobile app. The app organizes health data into three sections: Today, Vitals, and My Health. These sections help wearers monitor their daily vital signs and long-term health metrics, such as cardiovascular age and sleep patterns. The app update is available for all users, regardless of which generation of Ring they own.

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As with the previous model, Oura continues to offer some features behind a membership paywall, priced at $5.99 per month or $70 per year. New to the Ring 4 are automatic activity and heart-rate detection for up to 40 different activities. The app will also now provide better insights for menstrual tracking, specifically around fertility windows.

The Oura Ring 4 is available for pre-order starting today, with prices beginning at $349. Shipping is expected to start on October 15, 2024.