MENA’s Paymob raises $22mln funding round

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Paymob, MENA’s leading financial services enabler, has secured a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million.

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 newer 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 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 licence.

Islam Shawky, Co-founder and CEO of Paymob, commented: “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,” Shawky added.

Bruno Lusic of EBRD Venture Capital, 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.”