Paymob, the Egypt-born fintech startup, has successfully secured an additional $22 million in funding, boosting its Series B round total to $72 million. This latest investment comes on top of the $50 million raised in 2022, bringing Paymob’s total funding to over $90 million since its inception.
The extension was led by EBRD Venture Capital, with participation from notable investors including PayPal Ventures, Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV). This influx of capital will support Paymob’s expansion efforts across the Middle East and North Africa (MENA) region.
The funds will be used to scale Paymob’s operations and enhance its product offerings. Since the initial Series B investment, the company has made significant advancements, including launching a dedicated app for small and medium businesses (SMBs) and introducing innovative payment methods such as embedded checkout experiences and advanced settlement products.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob began as a solution to Egypt’s eCommerce challenges, addressing gaps in digital payment infrastructure. The company has grown substantially, now serving over 350,000 merchants across Egypt, Pakistan, Oman, Saudi Arabia, and the UAE with more than 50 payment methods.
Shawky highlighted that Paymob has achieved profitability in Egypt for the first time in the second quarter of 2024, with revenue growth sixfold since mid-2022. Despite still working towards profitability in other markets, the fintech’s success in Egypt and rapid transaction volume growth in the UAE reflect its strong market position and strategic advancements.
Paymob, a key player in the financial services sector, reported a total payment volume of $5 billion in 2020, facilitating over 120 million transactions. While updated figures have not yet been disclosed, the company’s trajectory underscores its significant impact on the digital payments landscape.
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