Egypt’s fintech start-up Paymob, which facilitates cashless payments for online and in-store purchases, has raised $50 million in Series B funding. 

Proceeds of the round, which was led by PayPal’s corporate venture firm Paypal Ventures, London’s Clay Point and New York’s Kora Capital, will be used to expand into new markets. 

The funding is said to be the largest of its kind for a fintech firm in Egypt and brings the total capital raised for Paymob to more than $68.5 million. 

Paymob enables merchants to accept digital payments both online and in-store and offers access to financial services.  

In a statement, the company said the funds raised will be used to grow its product range and expand into new markets across the Middle East and Africa region. 

The company has recently announced its entry to Pakistan and its intention to onboard more than 100,000 merchants within the first 24 months of launching its operations. 

“This expansion should be followed by additional markets in the GCC and North Africa,” Paymob said. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz )