TLDR:
- Paymob, a financial services enabler based in Egypt, has extended its Series B funding to $72 million with a $22 million investment from EBRD Venture Capital and Endeavor Catalyst.
- The extension round follows significant revenue growth in Egypt and expansion into other GCC countries.
Egypt-based financial services enabler Paymob has announced a US$22 million Series B extension round, taking the company’s total Series B funding to $72 million. The funding was led by EBRD Venture Capital, the venture investing arm of the European Bank for Reconstruction and Development, with participation from Endeavor Catalyst, a co-investment fund of Endeavor. Existing investors including PayPal Ventures, British International Investment, FMO, A15, Nclude, and Helios Digital Ventures also participated in the round.
The extension round follows Paymob’s continued profitability in its core market of Egypt, with six times revenue growth recorded since the initial Series B funding in Q2 2022. Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s payments facilitator license in 2018. The company has expanded into the UAE, Saudi Arabia, and Oman, and has grown its merchant base to nearly 350,000 across the MENA region.
Islam Shawky, co-founder and CEO of Paymob, expressed excitement about the company’s prospects in Egypt and the UAE, as well as their commitment to creating a cutting-edge infrastructure for SMEs across the region. The funding will help Paymob capitalize on their momentum in established markets and accelerate their expansion in the GCC.
