Paymob, an Egypt-based financial services enabler for MENA, has raised an additional $22 million in its Series B funding round, according to a statement on Wednesday.
EBRD Venture Capital led the funding with participation from Endeavor Catalyst and existing investors, including PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures. This additional funding brings the total Series B funding to $72 million.
Recently, Paymob’s direct competitor Ziina raised $22 million in a Series A round led by Altos Ventures, a Silicon Valley-based early-stage investor.
According to the statement, the firm plans to use the fresh capital to solidify its market leadership as the payment provider in Egypt while accelerating expansion across the MENA region.
Islam Shawky, co-founder and CEO of Paymob, expressed his enthusiasm about the company’s strong position in Egypt and recent traction in the UAE. He also said the new funding will help the firm capitalise on its momentum in established markets and accelerate its rollout in the Gulf Cooperation Council (GCC) countries.
“[..] 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,” he added in a statement.
Bruno Lusic, VC & growth investor of EBRD Venture Capital, said exciting growth in the MENA payments landscape offers Paymob a unique opportunity to capitalise on the transition to non-cash payment methods in the region.
“We are extremely excited to support Paymob as it embarks on the next chapter in its journey to create a market-leading, omnichannel, and multi-jurisdiction payment solutions provider in the MENA region [..],” he added.
Shawky said the extension round follows the firm’s continued profitability in its core market Egypt and claimed a 6x revenue growth since the initial Series B funding in Q2 2022.
Paymob’s journey began in 2015, and it became the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator licence in 2018. The company then expanded to the UAE, Saudi Arabia, and Oman and secured necessary licences in each market before beginning operations.
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 company was able to launch its app in 2023 and grew its merchant base across MENA by 3.5x to serve nearly 350,000 merchants.
Paymob offers 50 payment methods through its gateway, POS terminals, and app. It also recently launched embedded checkout experiences on e-commerce platforms Shopify and Woo Commerce to serve SMEs.