Paymob secures $22m extension to Series B funding, raises $72m in total

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Fintech company Paymob has announced a $22m extension to its Series B funding round, bringing the total raised in this round to $72m.

The new funding will support the company’s strategic growth initiatives and reinforce its leadership in the regional fintech sector.

The extension round was led by EBRD Venture Capital, with significant participation from Endeavor Catalyst.

Existing investors including PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also contributed, reflecting their continued confidence in Paymob’s business model and regional strategy.

Paymob sees sixfold increase in revenue

The new investment comes on the back of substantial revenue growth in Paymob’s core market of Egypt, where the company has seen a sixfold increase in revenue since its initial Series B round in Q2 2022.

This financial boost is expected to enhance Paymob’s market leadership in Egypt and drive its expansion across MENA.

Founded in 2015, the company was the first fintech company to receive a Payments Facilitator license from the Central Bank of Egypt in 2018.

The company has since expanded its operations, launching in the UAE in 2022 and receiving Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech company to obtain a PSP license in Oman.

The Series B round in 2022, which raised $50m, facilitated Paymob’s initial GCC expansion and its launch of a new app.

Since then, the company has grown its merchant base by 3.5 times to nearly 350,000 and expanded its acceptance suite to include 50 payment methods through its gateway, POS terminals, and app. Recent enhancements include embedded checkout solutions for e-commerce platforms Shopify and WooCommerce.

Islam Shawky, co-founder and CEO of Paymob, stated, “We are very excited about our strong prospects in Egypt and the significant traction we’ve experienced in the UAE. This funding will help us fully leverage the momentum in our established markets and accelerate our GCC expansion. We are committed to creating cutting-edge infrastructure that enables SMEs across the region to thrive in the digital economy.”

Bruno Lusic of EBRD Venture Capital remarked, “We are thrilled to support Paymob in its next growth phase. The payments landscape in Egypt and MENA is rapidly evolving, and Paymob is uniquely positioned to capitalise on this trend with its advanced technology and strong management team.”

Allen Taylor, managing partner at Endeavor Catalyst, added, “We are excited to support Paymob’s regional expansion. Since their selection as Endeavor Entrepreneurs in 2022, we have been committed to their growth and are enthusiastic about their continued success in enabling businesses to thrive in the digital economy.”