Egyptian fintech, Paymob has announced the successful closing of a $22 million extension to its Series B round, bringing the total funds raised in this round to $72 million.
This extension was led by EBRD Venture Capital and supported by existing investors like PayPal Ventures, who previously co-led the initial $50 million investment. Additional contributions came from Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob started with a focus on solving Egypt’s lack of digital payment infrastructure. The founders began their journey while studying at the American University in Cairo, and over the years, the company has evolved into a fully integrated financial services enabler, supporting both online and offline transactions.
The newly acquired funds will enable Paymob to expand its presence across the Middle East and North Africa (MENA) region, with a particular focus on growing its footprint in markets such as Oman, Saudi Arabia, and the UAE. Paymob also plans to use the investment to diversify its product offerings, which currently include omnichannel payment solutions like wallets, cards, Buy Now Pay Later (BNPL), and QR payments.
In addition to expanding geographically, Paymob is committed to enhancing its services for small and medium-sized businesses (SMBs). New features will include lending solutions, advanced settlement options, and streamlined checkout experiences, all aimed at helping SMBs thrive in the digital economy.
Paymob’s growth over the past year has been nothing short of remarkable. The company now serves over 350,000 merchants, a substantial increase from just over 100,000 merchants in 2022. This merchant base spans Egypt, Pakistan, and the Gulf region, where digital payments are rapidly gaining traction.
With $72 million raised in its Series B round, Paymob is poised to accelerate its regional expansion and product diversification efforts. As the MENA region continues to embrace digital payments, Paymob’s strategic positioning, robust partnerships, and commitment to financial inclusion make it a key player in the fintech space.
By offering innovative solutions tailored to the needs of modern businesses, Paymob is not only filling a crucial gap in the market but also setting the stage for a future where digital payments are the norm. Investors recognize the company’s potential to scale, and with this new round of funding, Paymob is set to solidify its leadership in the region’s fast-evolving fintech ecosystem.
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