Will Paymob’s US$72 Million Funding Fuel Expansion Across MENA?

10x Industry

Mokshita P.
10x Industry
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Will Paymob’s US$72 Million Funding Fuel Expansion Across MENA?

Paymob raises US$22M in Series B extension, totalling US$72M, led by EBRD Venture Capital. Funding supports MENA expansion, boosting revenue and merchant base amid strong growth in Egypt and GCC.

So, Paymob, which is a major player in financial services across the MENA region, just announced a big boost in their funding. They've secured an additional US$22 million in a Series B extension round, bringing their total Series B funding to US$72 million. This latest round was led by EBRD Venture Capital and included contributions from Endeavor Catalyst. Other familiar names like PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also joined in, showing their continued confidence in Paymob’s strategy and leadership.

This funding comes on the back of Paymob’s impressive performance, especially in Egypt where they've seen their revenue grow six times since their initial Series B funding back in mid-2022. With this strong financial footing, Paymob is set to push ahead with its growth plans across the MENA region.

The company has made significant strides since its founding in 2015. They were the first fintech to get a Payments Facilitator license from the Central Bank of Egypt in 2018, and they’ve expanded into the UAE and Saudi Arabia in recent years. Just last December, they also became the first international fintech to get a payment service provider license in Oman.

Their earlier Series B funding in 2022 was crucial for their expansion into the GCC region, allowing them to grow their merchant base significantly. They've now tripled their number of merchants to nearly 350,000 and expanded their payment methods to 50. Recently, they’ve even introduced embedded checkout options for popular e-commerce platforms like Shopify and WooCommerce.

Islam Shawky, Paymob's CEO, is really excited about the progress in Egypt and the UAE. He’s confident that this new funding will help them build on their success and accelerate their expansion in the GCC. He’s committed to developing infrastructure that supports SMEs across the region in the digital economy.

Bruno Lusic from EBRD Venture Capital and Allen Taylor from Endeavor Catalyst also shared their enthusiasm. They believe Paymob is perfectly positioned to lead the rapidly growing payments market in MENA with its advanced technology and strong team.