TLDR:
- Paymob secures $22m in Series B funding, bringing total round to $72m
- Funding to bolster digital payment infrastructure in the MENA region
Paymob, a leading player in the MENA financial services sector, has announced a significant $22m extension to its Series B funding, bringing the total round to $72m. Spearheaded by EBRD Venture Capital and Endeavor Catalyst, this investment surge comes at a time when Paymob has shown impressive financial health, especially in Egypt, where revenue has increased sixfold since the initial Series B injection in Q2 2022.
Established in 2015, Paymob has been a trailblazer in the regional FinTech space, securing various licenses and expanding its operations. The fresh funds will be used to deepen market penetration in Egypt and scale operations across newly entered markets. The company has already introduced a new app and increased its merchant base by 3.5 times, now serving nearly 350,000 merchants.
Paymob’s co-founder and CEO, Islam Shawky, expressed excitement about the company’s future prospects in Egypt and the UAE, emphasizing their commitment to aiding SMEs in the digital economy. With global attention on the MENA FinTech sector, investors like EBRD Venture Capital and Endeavor Catalyst are enthusiastic about supporting Paymob’s regional expansion and goal of becoming a market-leading payment solutions provider.
Previously, Paymob had raised a $50m Series B funding round led by Kora Capital and PayPal Ventures. The additional $22m funding reaffirms the company’s solid track record of securing investments and positions it well for future growth and innovation in the thriving MENA FinTech landscape.
