Egyptian fintech startup Paymob has extended its Series B round to $72 million with $22 million in new funding, allowing it to continue its growth strategy at home and in the broader MENA region.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
Its omnichannel gateway offers more than 50 payment solutions and enables nearly 350,000 merchants to access innovative financial services. It has expanded to the United Arab Emirates (UAE), Saudi Arabia and Oman.
Disrupt Africa has been reported In May 2022, Paymob had raised $50 million in Series B and has now extended it with $22 million in additional capital. The funding round was led by EBRD Venture Capital with participation from Endeavor Catalyst. Existing investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated in the round.
This extension follows Paymob’s continued profitability in its core market of Egypt, having achieved 6x revenue growth since the initial Series B funding in Q2 2022. The company’s strong financial position, together with the proceeds from the Series B extension, means it has sufficient resources to pursue its growth strategy in its country and across the MENA region.
“We are very excited about our strong prospects in Egypt, where we hold a leading market position, and the significant growth we have seen in the UAE since we launched our operations there. This funding will help Paymob fully capitalize on the momentum in our established markets as we accelerate our deployment across the GCC. We remain committed to creating a cutting-edge infrastructure that enables SMEs across the region to thrive in the digital economy and are proud of our continued impact,” said Shawky.
Bruno Lusic of EBRD Venture Capital said he was “extremely excited” to back Paymob as it embarks on the next chapter of its journey to create a market-leading, omnichannel, multi-jurisdictional payment solutions provider in the MENA region.
“The payments landscape in Egypt and the broader MENA region is extremely exciting and growing rapidly as economies move towards cashless payment methods. We believe Paymob is uniquely positioned to capitalize on this trend with its cutting-edge technology and strong management team,” he said.