Technology
Paymob, Founded by Three College Friends, Earns Another $22 Million, Is Profitable in Egypt

Few ecosystems outside of Silicon Valley can boast successful tech startups founded by founders who were still in school or who recently dropped out of faculty, so when these events occur in regions just like the Middle East or Africa, it’s value listening to these firms.
A decade ago, Islam Shawky, Alaina El HajjAND Mostafa Menessythree students from the American University in Cairo, launched an e-commerce platform in Egypt. At the time, e-commerce was a booming industry, with only 2% of households in the country participating in it. One of the major reasons was the shortage of online payment methods.
“There was a gap between what banks were offering and the requirements of new business models from financial technology. No one was doing digital payments for e-commerce and digital startups,” Shawky said in Interview 2022.
Integrating the local banks’ payment gateway with the e-commerce platform was a pain, so Shawky and his friends launched Cry as a payment infrastructure for digital wallets in 2015 while still in college. What began as a small enterprise quickly grew into an omni-channel gateway offering over 50 payment methods, including wallets, cards, buy now, pay later (BNPL), and QR code payments, enabling over 350,000 merchants in five countries in the Middle East and North Africa to just accept online and offline payments.
To date, Paymob, which describes itself as a financial services enabler, has raised greater than $90 million to scale thus far, including a recently closed $22 million Series B round led by EBRD Venture Capital. This brings its total Series B funding to $72 million.
Cross-selling services for a growing seller base
When we last covered Paymob in 2022, the fintech was serving just over 100,000 local and international merchants, a number that had greater than tripled in two years after expanding from Egypt and Pakistan to Oman, Saudi Arabia, and the United Arab Emirates.
Paymob’s initial $50 million Series B round in 2022, co-led by PayPal Ventures, which participated in the expansion round, spurred that expansion. During that point, the fintech also beefed up its product suite, CEO Shawky told TechCrunch. It launched an app for small and medium-sized businesses (SMBs) and introduced payment methods like embedded checkout experiences and products like loans and advanced settlements.
“We help merchants accept, pay, manage and grow, those are the four divisions we have. Acceptance is the engine and the core business, and we sell everything around that,” Shawky explains. “Once merchants are onboarded, we help them accept digital transactions, and then step by step we help with payments, provide working capital and give them the tools to better manage their finances and their business.”
Paymob became profitable for the primary time in Egypt in the second quarter of this 12 months, where its revenue has increased six-fold since mid-2022. It stays unprofitable elsewhere.
Increasing the variety of merchants and increasing average revenue per merchant by cross-selling additional services has been a giant a part of the startup’s success. For example, if a Paymob customer only has a POS terminal that accepts cards, that only accounts for 10-15% of their business. By offering a collection of products through partnerships with Shopify and Tabby, Paymob’s margins have improved significantly. Doing this at scale, digitally, and without the necessity for an enormous sales force has likely fueled the startup’s effective growth (Paymob has just over 1,000 employees).
“What’s most gratifying for us is that we’ve been able to grow profitably, because over the last two years, a lot of people have said we have to stop growing to be profitable or to preserve our runway,” Shawky noted. “But we’ve shown that if you build a fundamentally sound business and you really address customer needs, you can scale quickly and still be profitable.”
Rapid adoption of online payments in the UAE
Indeed, in Egypt and the Gulf countries there’s a dynamic growth in the recognition of digital payments.
In Egypt, 88% of consumers have used not less than one recent payment method in the past 12 months, and 85% of SMEs recognize that accepting multi-channel digital payments is vital to their growth, in response to Mastercard. Meanwhile, in the United Arab Emirates, demand for digital payment methods is more pronounced, with around 77% adoption nationwide.
Based on conversations with founders, it’s clear that despite such strong demand, the market stays underserved. As such, fintech firms which have expanded into the UAE, reminiscent of Paymob and native players like Ziina, which we wrote about last week, are racing to fill the gap by offering tailored solutions to half 1,000,000 merchants, capitalizing on the country’s growing appetite for digital payments.
As an illustration of this explosion in demand, Paymob only offers a web based payment acceptance product in the UAE, yet in just 14 months, its transaction volume in the UAE has grown to the dimensions of Egypt’s entire business, which took five years to construct. Reasons for this rapid growth in the Middle Eastern country include higher purchasing power, currency strength, and a greater share of digital wallets versus money.
Nevertheless, Egypt stays its largest market. Shawky is confident that a collection of fintech products geared toward promoting a cashless society, combined with efforts by the federal government and the central bank, will help Egypt achieve the identical level of digital payments adoption seen in the UAE.
“Issuance and acceptance need to go hand in hand for Egypt’s economy to reach this turning point. The central bank is putting a lot of effort and investment into the country’s digital infrastructure,” the CEO noted. “We are seeing the results. Our business has grown six-fold in two years and four months; yes, we have increased our merchant base, but it is also because these merchants are processing more digital volumes.”
Paymob reported $5 billion in total payments in 2020 and facilitated greater than 120 million transactions that 12 months. However, the present numbers for each metrics remain unclear because the fintech has not disclosed updated numbers.
In addition to PayPal Ventures, the fintech’s Series B funding round included Endeavor Catalyst, in addition to existing investors: British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).
Technology
One of the best AI researchers in Europe collected a grain worth $ 13 million to break the “holy grail” of models

From 4o OpenAi to stable diffusion, models of AI foundations, which create realistic images from the hints of the text, are actually abundant. On the other hand, foundations models capable of generating full, coherent 3D online environments from text hints are only appearing.
Still, there is barely a query when not whether these models will likely be easily accessible. Currently, one of the most vital European researchers of AI 3D models, Matthias Niensner, took an entrepreneurial vacation from absence Visual calculations and AI laboratory At the Munich Technical University, to find a startup working in the area: Spaitial.
Earlier, co -founder of Synthesia, a realistic startup AI AI worth $ 2.1 billion, NieSner collected a particularly large round of seeds for a European startup of $ 13 million. The round was led by Earlybird Venture Capital, an excellent European investor of the early stage (for instance, supporters of UIPATH, Peakgames) with the participation of Speedinvest and several other famous angels.
This round size is much more impressive, considering that spaitial has little to show the world than a recently released Video trailer Showing how a text prompt can generate a 3D room.
But there’s also a technical team that Niesner gathered: Ricardo Martin-Bruall, who previously worked on the Google 3D teleconference platform, called Beam; and David Novotny, who spent six years in the finish line, where he ran the company Project to generate text assets for 3D.
Their collective specialist knowledge will give them a likelihood to fight in a space that already includes some competitors with similar emphasis on photo -report. There is Odyssey who collected $ 27 million and follows the use of entertainment. But there are also World Labs, a startup founded by AI Pioneer Fei-Fei Li, and already priced at over $ 1 billion.
Niessner believes that this continues to be a small competition compared to what exists in the case of other types of foundation models, but additionally in relation to the “greater vision” they strive.
“I do not just want to have a 3D world. I also want this world to behave like a world
(*13*)
Video games for the real world
Nobody really broke the demand for 3D photorealistic communities. The promise of the “trillion dollars” opportunity, from digital twins to augmented reality, seems large enough to excite VC, but it’s also unclear and multi -faceted enough to make it difficult to make strategy to the market. The most blatant use of video games is, but these models may also be used in entertainment, 3D visualizations in construction, and ultimately use in the real world in areas resembling robotic training.
Niesssner hopes to bypass this problem with programmers licensing the foundation model to develop further applications for specific applications. He also dragged the fourth co -founder, former director of Cazoo Luke Rogers, once his roommate at Palo Alto, when he was an assistant to visit Stanford to help him on the business side.
One of the first tasks on the SPAITial road map will likely be identifying partners who can work with previous models, compared to those that would have to wait for a higher quality.
“At least we want to cooperate with several partners,” said Niesner, “And see how they can use the API interface.”
Compared to other well -financed AI startups, Spaitial sets revenues on its agenda. But first he can have to spend a little, each on calculations and employment. For the latter, it focuses on quality, not quantities. According to Niesner: “The band will not grow to hundreds of people immediately; it just does not happen, and we do not need it.”
Instead, Niessner and his co -founders are working on generating larger and more interactive 3D spaces, in which, for instance, glass might be realistically broken. This would unlocked what Niesner calls “the holy grail”: that the 10 -year -old could write some text and create his own video game in 10 minutes.
In his opinion, this ambitious goal is definitely more achievable than what may look like a low-hanging fruit-to create users to create 3D objects-most game platforms are still strictly controlled by what the third pages can add. This is, of course, unless they determine to construct independently as he could. But by that point spaitial might be busy replacing CAD; The next 3D generation chapter is just starting.
(Tagstranslate) 3D
Technology
Black Memphis Community claims that she is besieged from the pollution emitted by the new supercomputer Elon Muska

The new Elon Musk project in the amount of $ 6 billion in artificial intelligence in Memphis, Tennessee raises the fears of some residents and environmental supporters who claim that it reflects wider tensions between the rapid expansion of the technology industry and its impact on local communities.
According to residents and conservators in the south -western Memphis, where the object – Nicknamed “Colossus” – is positioned, positioned, Expressed worries The website emissions can affect each public health and the surrounding environment.
Although Musk, through his company, XAI, promised to cut back dangerous emissions, the approach to power supply doesn’t leave room for such limits that ought to be used, local experts say.
Gas turbines, which largely supply the object, emit various nitrogen and formaldehyde oxides as by -products, together with other substances that help weaken the exhausting ozone layer, and the inhabitants largely black, mainly the staff’ Boxtown community in Boxtown, say, they are saying
Similar to reporting from the data center of 4 million square feet planned for construction Virtually in the Alabamian courtyards, who had nothing to say of their construction, the Musk project was carried out no matter the inhabitants of Memphis and is based on Luce for temporary turbines, whose environmental groups will not be really applicable to the Musk company, and the inhabitants are increasingly nervous that lack of take care of their health and well -being.
As Sarah Gladney, a resident living three miles from the extensive object and has a state of lungs, said: “Our health has never been taken into account, the safety of our communities has never been, never, was never considered.”
Memphis, like many other communities throughout the country – including rural counties in Alabama – is challenges related to environmental protection after regulatory changes during Trump’s administration, which alleviated the control of pollution and moved specializing in the issue of environmental justice. At the same time, support for emerging technologies was increased, akin to artificial intelligence, an area particularly interesting by Elon Musk.
Mayor of Memphis Paul Young He expressed support In the case of a Muska project, emphasizing the potential economic advantages and tax revenues. However, some residents are concerned about the environmental risk that development may be for the community.
“We look, it’s an opportunity to completely transform our economy,” said Young. This “the game is changing.”
This characteristics attracted the anger of the open representative of Tennessee Justin Pearson, a democrat who lives near the object. Rep. Pearson criticized each the lack of necessities for permission to the object and the proposed economic advantages for the inhabitants of Memphis in his comments to CNN.
“It’s a real gas plant in the middle of the neighborhood and you don’t need any permission?” Rep. Pearson said. “Something drastically and significantly disappointed in our control system and balances.”
He continued: “If you look at where these data centers support, it is always in poor communities”, in keeping with the legislator, there is no “hope” that the federal government will help them protect them.
(Tagstranslate) memphis
Technology
Why the new Porn Law Anti-Revenge disturbs experts on freedom

Proponents of privacy and digital rights increase the alarms over the law, which many would expect to support: federal repression of pornography of revenge and deep cabinets generated by AI.
The newly signed Act on Take IT Down implies that the publishing of unjustified clear photos-vigorous or generated AI-I gives platforms only 48 hours to follow the request to remove the victim or face responsibility. Although widely praised as an extended win for victims, experts also warned their unclear language, loose standards for verification of claims, and a decent compatibility window can pave the way for excessive implementation, censorship of justified content and even supervision.
“Large -scale model moderation is very problematic and always ends with an important and necessary assessment speech,” said India McKinney, Federal Director at Electronic Frontier Foundation, a corporation of digital rights.
Internet platforms have one 12 months to determine a means of removing senseless intimate images (NCII). Although the law requires that the request to be removed comes from victims or their representatives, he only asks for a physical or electronic signature – no photo identifier or other type of verification is required. This might be geared toward reducing barriers for victims, but it could possibly create the possibility of abuse.
“I really want to be wrong in this, but I think there will be more requests to take photos of Queer and trance people in relationships, and even more, I think it will be consensual porn,” said McKinney.
Senator Marsha Blackburn (R-TN), a co-person of the Take IT Down Act, also sponsored the Safety Act for youngsters, which puts a burden on platforms to guard children from harmful online content. Blackburn said he believed Content related to transgender individuals It is harmful to children. Similarly, the Heritage Foundation – conservative Think Tank behind the 2025 project – also has he said that “keeping the content away from children protects children.”
Due to the responsibility with which they encounter platforms, in the event that they don’t take off the image inside 48 hours of receiving the request: “By default it will be that they simply take it off without conducting an investigation to see if it is NCII or whether it is another type of protected speech, or whether it is even important for the person who submits the application,” said McKinney.
Snapchat and Meta said that they support the law, but none of them answered TechCrunch’s request for more information on how they’d check if the person asking for removal is a victim.
Mastodon, a decentralized platform, which hosts his own flagship server, to which others can join, told Techcrunch that he could be inclined to remove if he was too difficult to confirm the victim.
Mastodon and other decentralized platforms, comparable to blues or pixfed, could be particularly exposed to the cold of the 48-hour removal rule. These networks are based on independently supported servers, often run by non -profit organizations or natural individuals. Under the law, FTC may treat any platform that is just not “reasonably consistent” with demands of removal as “unfair or deceptive action or practice” – even when the host is just not a business subject.
“It’s disturbing on his face, but especially when he took the FTC chair unprecedented Steps to politicize The agency and clearly promised to make use of the agency’s power to punish platforms and services on ideologicalIn contrast to the rules, the basics, “cyberspace initiative, a non -profit organization dedicated to the end of pornography of revenge, she said in statement.
Proactive monitoring
McKinney predicts that the platforms will start moderating content before distribution, so in the future they’ve fewer problematic posts.
Platforms already use artificial intelligence to observe harmful content.
Kevin Guo, general director and co -founder of the content detection startup, said that his company cooperates with web platforms to detect deep materials and sexual materials of kids (CSAM). Some of the Hive clients are Reddit, Giphy, Vevo, BlueSky and Bereal.
“In fact, we were one of the technology companies that supported this bill,” said Guo Techcrunch. “This will help solve some quite important problems and force these platforms to take more proactive solutions.”
The HIVE model is software as a service, so starting doesn’t control how the platforms use their product to flag or delete content. But Guo said that many shoppers insert the API Hive interface when sent to monitoring before anything is distributed to the community.
Reddit spokesman told Techcrunch that the platform uses “sophisticated internal tools, processes and teams for solving and removal”. Reddit also cooperates with the NON -SWGFL organization in an effort to implement the Stopncia tool, which scans live traffic seeking matches with a database of known NCII and removes accurate fittings. The company didn’t share how it is going to be sure that the person asking for removal is a victim.
McKinney warns that this kind of monitoring can expand to encrypted messages in the future. Although the law focuses on public or semi -public dissemination, it also requires the platforms “removing and making reasonable efforts to prevent” senseless intimate images from re -translating. He claims that this will likely encourage proactive scanning of all content, even in encrypted spaces. The law doesn’t contain any sculptors for encrypted services of encrypted messages, comparable to WhatsApp, Signal or IMessage.
Meta, Signal and Apple didn’t answer TechCrunch for more details about their plans for encrypted messages.
Wider implications of freedom of speech
On March 4, Trump provided a joint address to the congress, wherein he praised the Take It Down act and said he couldn’t wait to sign it.
“And I also intend to use this bill for myself if you don’t mind,” he added. “There is nobody who is treated worse than I do online.”
While the audience laughed at the comment, not everyone considered it a joke. Trump was not ashamed of suppressing or retarding against unfavorable speech, no matter whether it’s the mainstream marking “enemies of individuals” Except for Associated Press from the oval office despite the court order or Financing from NPR and PBS.
Trump administration on Thursday Barred Harvard University From the reception of foreign students, the escalation of the conflict, which began after Harvard refused to follow Trump’s demands to make changes to his curriculum and eliminate, amongst others, content related to Dei. In retaliation, Trump froze federal funds at Harvard and threatened to repeal the status of the tax exemption from the university.
“At a time when we see that school councils are trying to prohibit books and see that some politicians very clearly deal with the types of content that people do not want to ever see, regardless of whether it is a critical theory of breed, or information about abortion or information about climate change …” McKinney said.
(Tagstotransate) Censorship
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