Paymob Extends Its Series B To US$72 Million With The Investments Of EBRD Venture Capital And Endeavor Catalyst The extension round follows Paymob's continued profitability in its core market of Egypt having recorded six times revenue growth since the initial Series B funding in Q2 2022.
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Egypt-based financial services enabler Paymob has announced a US$22 million Series B extension round, taking the company's total Series B funding to $72 million.
The funding was led by EBRD Venture Capital, the venture investing arm of the European Bank for Reconstruction and Development, with participation from Endeavor Catalyst, a co-investment fund of Endeavor. Existing investors the global corporate venture arm of PayPa - PayPal Ventures, British International Investment (BII), Dutch development bank FMO, and venture capital firms A15, Nclude, and Helios Digital Ventures participated in the round.
The extension round follows Paymob's continued profitability in its core market of Egypt having recorded six times revenue growth since the initial Series B funding in Q2 2022.
Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt's (CBE) payments facilitator license in 2018. The company launched in the UAE in 2022 and received its Saudi payments PTSP certification in May 2023. 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. The investment enabled Paymob to launch its app in 2023 and grow its merchant base across MENA to serve nearly 350,000 merchants.
Islam Shawky, co-founder and CEO of Paymob, said, "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 roll-out. 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."
