Paymob Secures $22 Million in Funding

An Egyptian fintech company, Paymob, specialising in enabling financial services, has announced its successful completion of a $22 million extension in Series B funding.

This milestone brings the total raised in this round by the company to $72 million.

The startup was founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy. Paymob provides online and offline merchants with digital payment solutions.

Paymob Completes Its Series B Investment Extension

The transaction was led by EBRD Venture Capital, Endeavor Catalyst, PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures, according to a press release.

The funding round follows Paymob’s continued profitability in the Egyptian market after recording 6x revenue growth since the initial Series B funding in (Q2) of 2022.

The company remains focused on expanding its market lead in Egypt while scaling operations in newly penetrated markets to reinforce its position as the leading payments provider in the region.

Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator licence in 2018. 

The company launched in the UAE in 2022 and received its Saudi Payments PTSP certification in May 2023.

Additionally, in December 2023, Paymob became the first international fintech company to receive Oman’s PSP license.  

The GCC expansion was spurred by Paymob’s initial Series B round in 2022, which raised $50 million, and was led by Kora Capital, PayPal Ventures, and Clay Point.

Furthermore, the investment enabled Paymob to launch its app in 2023 and grow its merchant base across MENA by 3.5x to serve nearly 350,000 merchants. 

Also Read: Paymob and Mastercard in Partnership to Advance Digital Payment Acceptance in MENA.

Paymob Growth In The Financial Market

Paymob has also grown its acceptance suite to 50 payment methods delivered via its gateway, POS terminals and Paymob app – making it the most comprehensive offering on the market.

The startup recently launched embedded checkout experiences on e-commerce platforms Shopify and WooCommerce as it continues to deliver on its commitment to power regional SME growth. 

Islam Shawky, Co-founder and CEO of Paymob, commented: “Note, this funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out.”

Additionally, he said: “We remain committed to creating an advanced infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact.”

Bruno Lusic of EBRD Venture Capital also highlighted: “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.”

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