Egypt-based fintech Paymob has raised a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million.
The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst, along with existing investors, including PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob's omnichannel gateway offers more than 50 payment solutions and empowers close to 350,000 merchants. The firm has grown its footprint beyond Egypt into neighbouring countries, with outposts in the UAE, Saudi Arabia and Oman.
The firm claims to have recorded 6x revenue growth since the initial Series B funding in Q2 2022 and has now set its sights on expanding further across the Middle east and North Africa.
Islam Shawky, co-founder and CEO of Paymob, comments: “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 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.”