Egyptian financial services provider, PayMob, has secured an additional $22 million in funding to its series B round.
The round was led by EBRD Venture Capital, with participation from:
- Endeavor Catalyst
- PayPal Ventures
- BII
- FMO
- A15
- Nclude, and
- Helios Digital Ventures, and
all existing investors, also took part.
The extension comes on the heels of Paymob’s sustained profitability in its primary market, Egypt, where it has achieved a sixfold increase in revenue since the initial Series B funding in Q2 2022. With its strong financial standing and the additional capital from the Series B extension, the company is looking to continue executing its growth strategy across the MENA region.
Established in 2015, Paymob became the first fintech to obtain the Central Bank of Egypt’s (CBE) Payments Facilitator license in 2018. It entered the UAE market in 2022 and secured Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech to receive Oman’s PSP license.
🇪🇬 NORTH AFRICA | Egyptian Fintech, PayMob, Receives Inaugural International Fintech PSP License from the Central Bank of Oman
As reported by BitKE in 2020, Paymob had an extraordinary 85% market share of all mobile wallet transactions in Egypt at the time.… pic.twitter.com/DBN99xH8yU
— BitKE (@BitcoinKE) January 24, 2024
Paymob initially raised $50 million in its series B in 2022 led by Kora Capital, PayPal Ventures, and Clay Point which enabled the company to launch its app in 2023 and grow its merchant base across MENA by 3.5x to serve nearly 350,000 merchants.
🇪🇬 Egypt’s Fintech, PayMob, an infrastructure enabler powering 85% of mobile wallet transactions in Egypt, raises $50 million from PayPal Ventures https://t.co/BWU0MxmjiA
— BitKE (@BitcoinKE) May 15, 2022
Since then, Paymob has expanded its payment acceptance suite to include 50 methods available through its gateway, POS terminals, and app, offering one of the most comprehensive solution in the market. Additionally, the company recently introduced embedded checkout experiences on e-commerce platforms such as Shopify and WooCommerce, further supporting its mission to drive SME growth across the region.
“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 capitalise on the momentum in our established markets as we accelerate our GCC roll-out,” said Islam Shawky, Co-founder and CEO of Paymob.
“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.”
The investors noted the fintech opportunity in the MENA region:
“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,” said Bruno Lusic of EBRD Venture Capital.
“At Endeavor, we have witnessed fintech in the Middle East gain increasing global attention,” added Allen Taylor, Managing Partner at Endeavor Catalyst.
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