Egyptian fintech Paymob has extended its Series B round to $72 million, securing an additional $22 million to fuel its growth strategy across the Middle East and North Africa (MENA) region.
The company, founded in 2015, specialises in digital financial services and mobile wallet technology, empowering merchants with innovative payment solutions.
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Paymob’s Strong Financial Performance
Paymob initially raised $50 million in Series B funding in May 2022. The fintech has secured an additional $22 million in new funding, bringing the total raised in this round to $72 million. The latest extension was led by EBRD Venture Capital, with participation from Endeavor Catalyst and existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
This funding will help Paymob solidify its market position in Egypt and expand its operations across the MENA region, including the UAE, Saudi Arabia, and Oman.
Since its initial Series B funding in Q2 2022, Paymob has experienced sixfold revenue growth. Its continued profitability in Egypt, where it holds a dominant market position, underscores the fintech’s ability to scale efficiently. The additional capital infusion will enable Paymob to accelerate its expansion across the Gulf Cooperation Council (GCC) region, leveraging the momentum gained in the UAE since its market entry.
Paymob’s Presence in Egypt and MENA
Paymob’s co-founder and CEO, Islam Shawky, expressed excitement about the company’s strong prospects in Egypt and the UAE. “We remain committed to creating a cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact,” Shawky said.
The fintech has already empowered 350,000 merchants through its platform, providing more than 50 payment solutions. The company’s vision is to remain at the forefront of digital transformation, particularly in emerging markets.
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Bruno Lusic of EBRD Venture Capital highlighted Paymob’s role in the MENA region’s evolving payments landscape. “The payments landscape in Egypt and the broader MENA region is hugely exciting, and the economy is seeing rapid growth as it transitions to non-cash payment methods,” Lusic stated.
He emphasised that Paymob is well-positioned to capitalise on this shift with its advanced technology and robust management team.
With a solid financial foundation and backing from global investors, Paymob is poised to drive the digital economy forward. The company focuses on empowering small and medium enterprises (SMEs) with cutting-edge infrastructure, enabling them to navigate the increasingly cashless society in the MENA region.
As the company scales its operations, Paymob is expected to continue influencing the fintech landscape, expanding its footprint across new markets while strengthening its core business at home in Egypt.