Paymob, a leading fintech player in the MENA region, has successfully secured $22 million in a Series B extension round, bringing its total Series B funding to an impressive $72 million. This additional funding was led by EBRD Venture Capital and received participation from Endeavor Catalyst, alongside Paymob’s existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures. The round highlights a vote of confidence in Paymob’s innovative business model, strategic approach, and leadership within the fintech sector.
Since the initial Series B round in 2022, where the company raised $50 million, Paymob has experienced significant growth in its core market of Egypt, seeing a remarkable 6x increase in revenue. The extension round further enhances the company’s financial standing, allowing it to continue its ambitious growth strategy across the MENA region. With this funding, Paymob is not only poised to strengthen its leadership in Egypt but also to scale its operations in newly entered markets like the UAE and Saudi Arabia.
Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator license in 2018. Since then, it has steadily expanded its footprint across the MENA region, with significant milestones such as launching in the UAE in 2022 and acquiring the Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech to receive a PSP license from Oman, signaling its commitment to expanding across the GCC.
Paymob’s Series B funding enabled it to roll out a range of advanced payment solutions. The company’s app, which launched in 2023, now supports nearly 350,000 merchants across MENA, representing a 3.5x increase in its merchant base. Paymob’s acceptance suite has also expanded to include 50 different payment methods, available through its gateway, POS terminals, and Paymob app, making it one of the most comprehensive offerings available.
Additionally, Paymob has introduced embedded checkout solutions on popular e-commerce platforms such as Shopify and WooCommerce, further enhancing its ability to power regional SME growth and meet the evolving needs of the digital economy.
Islam Shawky, co-founder and CEO of Paymob, expressed optimism about Paymob’s trajectory, particularly in Egypt and the UAE. He emphasized that the new funding would help the company capitalize on its momentum in key markets and accelerate its expansion in the GCC. Shawky also reaffirmed Paymob’s commitment to supporting SMEs in the region, enabling them to thrive in the digital economy.
Investors are equally excited about Paymob’s prospects. Bruno Lusic of EBRD Venture Capital highlighted the rapid transition to non-cash payment methods in the MENA region and expressed confidence in Paymob’s ability to lead this shift with its advanced technology and robust management team. Similarly, Allen Taylor, Managing Partner at Endeavor Catalyst, underscored the global attention fintech in the Middle East is receiving and praised Paymob’s leadership as the company continues its regional expansion.
As Paymob continues to expand its presence across MENA, this new wave of funding places the company in a strong position to further its goal of enabling businesses to succeed in the digital age.
