Egyptian fintech startup Paymob raised additional $22 M Series B funding, total stands at $72 M
Paymob, an Egyptian fintech startup, has raised an additional US $22 million to extend its Series B round to US $72 million. This will allow the company to continue pursuing its growth strategy both domestically and throughout the MENA region.
Paymob is an infrastructure technology enabler that offers payment solutions to empower digital financial service providers through mobile wallet technology. It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
Its omnichannel gateway provides close to 350,000 merchants with access to cutting-edge financial services and more than 50 payment options. It has spread to Oman, Saudi Arabia, and the United Arab Emirates (UAE).
As the media noted in May 2022, Paymob had completed a $50 million Series B funding round and had since added an additional $22 million to that amount. Endeavor Catalyst participated in the extension round, which was led by EBRD Venture Capital. Participating in the round were PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures, in addition to current investors.
The extension round comes after Paymob has maintained profitability in Egypt, its primary market, recording six times revenue growth since the company’s initial Series B funding in Q2 2022. With the proceeds from its Series B extension and its solid financial position, the company has more than enough capital to pursue its growth plan both domestically and throughout the Middle East and North Africa.
“We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC rollout. We remain committed to creating a cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact,” Shawky said.
EBRD Venture Capital’s Bruno Lusic expressed his “great excitement” at supporting Paymob as it moves forward to become the leading omni-channel and multi-jurisdiction payment solutions provider in the Middle East and North Africa (MENA).
“The payments landscape in Egypt and the broader MENA region is hugely exciting and is seeing rapid growth as economies transition to non-cash payment methods. We are convinced that Paymob is uniquely positioned to capitalise on that trend with its advanced technology and strong management team,” he said.
