PinPay to Receive USD 2.5 Million Investment from Fransabank

Mohamad Salhab, Jun 09 2016

Mobile payment image via Shutterstock

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Fransabank will invest USD 2.5 million in fintech startup PinPay the mobile payment and bill aggregation platform founded in 2011. Back then it was the first mobile payment app in Lebanon, and has highly impacted the country’s growing e-commerce sector.

PinPay has attracted investments before from Middle East Venture Partners (MEVP), Bank Audi, and Bankmed. The banks’ account holders also use the platform to make mobile payments.

Fransabank will adopt PinPay’s services for their customers and stop operating the Simba mobile payment app which it launched in 2013, according to a report from Businessnews website.

With this announcement, PinPay will increase its capital to LBP 13 billion (USD 8.6 million). Last year in August, it had a total of 55,000 users, 40,000 of them are regularly active, making PinPay the leader of Lebanon’s innovation of financial services (fintech).

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