Paymob raises an additional $22 million in its Series B funding round

Egypt-based fintech Paymob has secured an additional $22 million in its Series B extension round, pushing its total Series B funding to $72 million. The round was led by EBRD Venture Capital, with participation from Endeavor Catalyst, alongside existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.

Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy, Paymob offers digital payment solutions to both online and offline merchants. The fresh funding will fuel the company’s growth strategy across the Middle East and North Africa (MENA) region.

Since raising $50 million in its initial Series B round in 2022, Paymob has achieved impressive growth, including a 6x increase in revenue in its core Egyptian market. The company, which was the first fintech to receive the Central Bank of Egypt’s Payment Facilitator license in 2018, has expanded into new markets, including launching operations in the UAE in 2022 and securing Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech to receive Oman’s PSP license.

The company’s expansion into the Gulf Cooperation Council (GCC) was driven by the earlier Series B round, which was led by Kora Capital, PayPal Ventures, and Clay Point. Since then, Paymob has grown its merchant base 3.5x to nearly 350,000 and expanded its payment options to include 50 methods through its gateway, POS terminals, and app. Recent initiatives include launching embedded checkout experiences for platforms like Shopify and WooCommerce.

Islam Shawky, Paymob’s co-founder and CEO, expressed excitement about the company’s leading position in Egypt and its growing presence in the UAE. He highlighted that the new funding will support Paymob’s expansion in the GCC, enabling SMEs across the region to thrive in the digital economy.

Bruno Lusic from EBRD Venture Capital shared enthusiasm for supporting Paymob’s goal of becoming a leading omni-channel payment solutions provider in MENA, emphasizing the region’s shift toward cashless economies. Similarly, Allen Taylor, Managing Partner at Endeavor Catalyst, praised Paymob’s founders for their efforts in enabling businesses to succeed in the digital landscape, noting the growing global interest in Middle Eastern fintech.