Egypt-based fintech Paymob has successfully raised a $22 million Series B extension round, increasing its total Series B funding to $72 million.
The funding round was led by EBRD Venture Capital, with participation from Endeavor Catalyst and existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy, Paymob offers an omnichannel payment gateway that includes over 50 payment solutions and serves nearly 350,000 merchants. The company has expanded its operations beyond Egypt into neighboring countries, establishing a presence in the UAE, Saudi Arabia, and Oman.
Paymob reports a sixfold increase in revenue since its initial Series B funding in Q2 2022, and it aims to further expand throughout the Middle East and North Africa.
Islam Shawky, co-founder and CEO of Paymob, stated: “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.”