The companies did not say how much the deal was worth nor how large a stake was sold, but A15 takes minority stakes of between 8-25 percent in the startups it makes direct investments in.
Paymob provides payment systems to banks and mobile operators, offering both online payment gateways and an app that allows for card-on-delivery payments.
“We were also really impressed by the Paymob team’s ability to generate substantial growth with limited resources.” A15 CEO Fadi Antaki said in a statement.
He said Paymob was processing “millions of transactions and hundreds of millions of dollars per year”.
Paymob CEO Islam Shawky said in the statement they partnered with A15 to benefit from its experience in electronic payments with mobile operators.
Antaki said expected growth in Egypt’s ecommerce sector, which Paymob services, and the growth in card holder numbers in the country - 40 percent more credit cards and 36 percent from debit cards since 2010 - validated their investment in the startup.
After being spun out of tech holding company OT Ventures in October last year, A15 announced that it had set aside $3 million for new investments in regional early stage companies.
Antaki told Wamda in January that it wholly owned all of its portfolio companies (all of which were developed inside the compay) bar online ticketing startup E7gezly, in which it owned 51 percent. [However jobs site Wuzzuf was among several investments rather than wholly owned entities.]
A15 itself is owned by Accelero Capital.
* This article has been updated to correct the size of A15's investment stakes, and clarify the investor's internally developed companies.