Paymob, which provides digital payment solutions to Middle East and North Africa (MENA) businesses, has raised $22 million in a Series B extension, taking its total Series B funding to $72 million.
The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst. Existing investors PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures also took part in the round.
Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator license in 2018. It launched in the UAE in 2022 and received its Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech company to receive Oman’s PSP license.
With the fresh funding, Paymob said it is poised to pursue expansion across the MENA region, with a focus on “expanding its market lead in Egypt”.
“This funding will help Paymob fully capitalise on the momentum in our established markets, as we accelerate our GCC roll-out,” said Islam Shawky, CEO and co-founder of Paymob.
Paymob said its Series B funding round of $50 million in 2022 enabled it to launch its mobile app the following year and grow its merchant base across MENA by 3.5x to serve nearly 350,000 merchants, on the back of “continued” profitability in its core market of Egypt, where it claims to have recorded 6x revenue growth.
