Paymob, a trailblazer in the MENA financial services sector, has recently announced a substantial $22m extension to its Series B funding, culminating in a robust $72m total for the round.
According to Wamda, this investment surge was spearheaded by EBRD Venture Capital, with significant contributions from Endeavor Catalyst.
The funds come at a time when Paymob has demonstrated impressive financial health, particularly in its primary market of Egypt, where it has seen a sixfold increase in revenue since the initial Series B capital injection in Q2 2022. These financial reserves are set to bolster Paymob’s strategic initiatives across the MENA region.
Established in 2015, Paymob has been a pioneer in the regional FinTech space, having been the first to obtain the Central Bank of Egypt’s Payments Facilitator licence in 2018. The company has since expanded its footprint, launching operations in the UAE in 2022 and securing a Payments PTSP certification in Saudi Arabia in May 2023. December 2023 marked a significant milestone with Paymob receiving Oman’s PSP licence, becoming the first international FinTech entity to do so.
The fresh funds are earmarked for deepening Paymob’s market penetration in Egypt and scaling its operations across newly entered markets. This strategic expansion is supported by a $50m initial Series B round in 2022, which has enabled the introduction of its app this year and a 3.5-fold increase in its merchant base, now serving nearly 350,000 merchants.
Islam Shawky, co-founder and CEO of Paymob, expressed enthusiasm about the company’s prospects, particularly in Egypt and the UAE. “This funding will help Paymob fully capitalise 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 stated.
Bruno Lusic from EBRD Venture Capital highlighted the vibrant payments landscape in Egypt and the broader MENA region. “We are extremely excited to support Paymob as it embarks on the next chapter in its journey to create a market-leading, omni-channel, and multi-jurisdiction payment solutions provider in the MENA region,” Lusic added.
Allen Taylor, Managing Partner at Endeavor Catalyst, remarked on the global attention MENA’s FinTech sector is garnering. “Building on this momentum, we are thrilled to support entrepreneurs Islam Shawky, Alain El Hajj, and Mostafa Menessy in this new round of regional expansion for Paymob, advancing their goals of enabling businesses to thrive in the digital economy,” Taylor said.
Previously, Paymob had also raised a $50m Series B funding round led by Kora Capital and PayPal Ventures, among others, underscoring a solid track record of secured investments.