Paymob Secures $22 Million Series B to Accelerate MENA growth

by | Sep 12, 2024 | Startups News | 0 comments

Egypt-based Paymob has recently raised a $22 million Series B extension round. Consequently, this increase brings the company’s total Series B funding to an impressive $72 million. With this new capital, Paymob is set to significantly boost its growth and expand across MENA.

EBRD Venture Capital Leads Round, Supported by Key Investors

Firstly, EBRD Venture Capital led the funding round. Additionally, Endeavor Catalyst participated, demonstrating further support. Furthermore, existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures joined in. Therefore, their collective support underscores strong confidence in Paymob’s strategic direction and business model.

Remarkable Growth and Strategic Future Plans

Since its initial Series B funding in Q2 2022, Paymob has experienced outstanding growth. Specifically, the company saw a sixfold increase in revenue within Egypt. Consequently, this impressive performance, combined with the new influx of capital, positions Paymob to drive its expansion plans effectively across MENA.

Founded in 2015, Paymob achieved several key milestones. For instance, it received the Central Bank of Egypt’s Payments Facilitator license in 2018. Subsequently, the company launched operations in the UAE in 2022 and earned Saudi Payments PTSP certification in May 2023. Moreover, in December 2023, Paymob became the first international fintech to obtain Oman’s PSP license.

Expanding GCC Reach and Enhancing Payment Solutions

The recent Series B extension follows Paymob’s earlier $50 million Series B round in 2022. Notably, this earlier funding facilitated Paymob’s expansion into the GCC region. As a result, the company launched its app and significantly increased its merchant base by 3.5 times, now serving nearly 350,000 merchants. Additionally, Paymob now offers 50 payment methods through its gateway, POS terminals, and app, reinforcing its comprehensive service offering.

Recently, Paymob introduced embedded checkout experiences on platforms such as Shopify and WooCommerce. This enhancement aligns with its broader strategy to deliver advanced and omnichannel payment solutions.

Leadership Insights on Paymob’s Future

Islam Shawky, co-founder and CEO, expressed enthusiasm about the company’s future. He highlighted the strong market positions in Egypt and the UAE. Shawky stated, “We’re thrilled by our progress in Egypt and the UAE. This funding will help us capitalize on our success and accelerate our GCC expansion. Therefore, we remain committed to supporting SMEs in the digital economy.”

Bruno Lusic of EBRD Venture Capital also shared his excitement. He commented, “We are eager to support Paymob as it continues to grow. The MENA region’s shift towards non-cash payments offers a substantial opportunity. Thus, Paymob is uniquely positioned to lead with its advanced technology and strong team.”

Allen Taylor from Endeavor Catalyst added, “Fintech in the Middle East is gaining global recognition. Building on this momentum, we’re excited to support Islam Shawky and his team. Their efforts to enable businesses to thrive in the digital economy are impressive.”

Conclusion

In summary, Paymob’s Series B extension highlights the company’s significant growth and strong investor confidence. As it moves forward, the expanded capabilities and enhanced market presence will drive notable advancements in fintech. Therefore, stay tuned for more updates on how Paymob continues to innovate and lead in the digital payments space.

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