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

5 months 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”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

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

Will Upcoming Changes Turn Instagram Into A TikTok Clone?

Updates are rolling out for the grid layout and Reels length, while new editing tools clearly imitate those of the rival Chinese platform.

Published

1 day ago

January 24, 2025

Nour Nasir

Instagram

Instagram recently faced backlash for swapping its iconic square grid for rectangles, disrupting the aesthetic of thousands of carefully curated profiles. However, the Meta-owned platform isn’t stopping there, after announcing more incoming TikTok-like changes designed to give users greater control over their profiles.

“We launched a new tall grid on profiles this week and I got a lot of feedback, both positive and quite negative,” Instagram head Adam Mosseri shared in an Instagram caption on Monday. “The goal is a simpler, cleaner place that maintains, and even increases, creator control”.

Here are some of the details about further changes we can expect:

Customizable Grids: Users will soon be able to tweak how their posts appear on the grid, including adjusting image crops and reordering posts entirely.
Direct-To-Grid Posts: A new option will allow users to post directly to their profile grid without automatically adding it to their main feed.
Highlights Relocation: Instagram’s Highlights feature will move from above the grid into a dedicated tab, while also becoming part of the profile grid itself.
Longer Reels: Reels are getting a significant upgrade, with the maximum video length jumping from 90 seconds to 3 minutes.

The updates are part of Instagram’s ongoing effort to compete with TikTok, which narrowly avoided a US ban following a 75-day delay granted by President Donald Trump. With the Chinese video platform’s future remaining uncertain, Instagram seems eager to capture disillusioned users by offering features that feel increasingly similar to those of its rival.

Also Read: How To Find & Cancel Pending Instagram Requests

In fact, Instagram’s recent changes go beyond just the app’s layout: On Sunday, parent company Meta launched the standalone Edits app, a clear imitation of TikTok’s popular video-editing tool, CapCut. Additionally, Meta has been enticing creators with cash bonuses to encourage them to post their videos on Instagram and Facebook.

It’s clear Instagram is shifting its strategy to appeal to the short-form video crowd. Whether these changes will win over users or continue to spark discontent remains to be seen.