TLDR:
- Paymob raised $22 million in a Series B extension round to expand in Egypt and GCC countries.
- The funding will help Paymob capitalize on momentum in established markets and accelerate its GCC rollout.
Financial services enabler, Paymob, has secured an additional $22 million in funding to expand its offerings in Egypt and Gulf Cooperation Council (GCC) countries. This Series B extension round follows an initial $50 million Series B round in 2022, bringing the total Series B funding to $72 million. Paymob, founded in 2015, holds a market-leading position in Egypt and has seen significant traction in the UAE since launching operations there. The funding will allow the company to capitalize on its momentum and accelerate expansion in the GCC region.
Since its initial Series B round, Paymob has launched its app, grown its merchant base across the Middle East and North Africa region, and expanded its acceptance suite to 50 payment methods. Additionally, the firm has launched embedded checkout experiences on platforms like Shopify and WooCommerce. The Series B extension round was led by EBRD Venture Capital, recognizing Paymob’s unique position in the growing payments landscape of Egypt and the broader MENA region.
Paymob’s mission is to address the imbalance between payment issuance and acceptance in emerging markets, helping businesses unlock their full potential. With advanced technology and a strong management team, Paymob is poised to capitalize on the trend toward noncash payment methods in the region.
