Paymob Raises $22 Million in Series B Extension to Expand Across MENA

Paymob, an Egypt-based fintech company, has raised an additional $22 million in a Series B extension round, bringing its total Series B funding to $72 million. The round was led by EBRD Venture Capital with contributions from Endeavor Catalyst and existing investors such as PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures. Founded in 2015, Paymob specialises in providing digital payment solutions for both online and offline merchants.

The newly secured funding will support Paymob’s expansion strategy across the MENA region, where it has already achieved significant growth. Since its initial Series B funding in the second quarter of 2022, Paymob has experienced a sixfold increase in revenue while maintaining profitability in its core Egyptian market. The company aims to strengthen its market leadership in Egypt and scale its operations in newly penetrated markets in the GCC region.

Paymob has been at the forefront of fintech innovation, being the first to receive the Central Bank of Egypt’s Payments Facilitator licence in 2018. The company launched its services in the UAE in 2022 and obtained Saudi Payments PTSP certification in May 2023. Additionally, Paymob became the first international fintech to secure Oman’s PSP licence in December 2023, underscoring its growing presence in the GCC region.

The recent funding extension follows an initial $50 million Series B round in 2022, which was led by Kora Capital, PayPal Ventures, and Clay Point. That investment helped Paymob increase its merchant base by 3.5 times across the MENA region, now serving nearly 350,000 merchants. The company offers a range of 50 payment methods via its gateway, POS terminals, and the Paymob app.

Recent innovations, such as embedded checkout experiences on Shopify and WooCommerce, align with Paymob’s commitment to supporting small and medium-sized enterprises (SMEs) across the region.