Egypt's Paymob has raised $22 million in an extension of its Series B round, bringing the total funding to $72 million. TechCrunch first reported the news. This extension was led by EBRD Venture Capital, with participation from notable investors like Endeavor Catalyst, PayPal Ventures, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures. Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy, Paymob began as a solution to Egypt's lack of online payment infrastructure. The founders, undergraduates at the American University in Cairo, launched Paymob after encountering difficulties integrating local bank payment gateways into their e-commerce platform. Since then, Paymob has become a leading fintech in the Middle East and North Africa (MENA) region, offering an omnichannel payment platform with over 50 payment methods, including wallets, cards, and buy now pay later (BNPL) options. The company serves more than 350,000 merchants across five countries. Notably, Paymob's merchant base has tripled in two years, driven by its expansion into markets like Pakistan, Kenya, Oman, Saudi Arabia, and the UAE. A major factor behind Paymob’s success is its ability to cross-sell services to merchants. Beyond just payment acceptance, it offers tools to help businesses manage payables, access working capital, and scale digitally. This approach has helped Paymob increase its revenue sixfold in Egypt and achieve profitability there in Q2 2024. The company is rapidly gaining traction in the UAE, where its transaction volume in just 14 months matches its entire Egyptian business, reflecting the country’s high demand for digital payment solutions. This additional funding will enable Paymob to further its expansion across the Middle East and North Africa, especially in the Gulf Cooperation Council (GCC) region, as it continues to focus on empowering SMEs with seamless payment technologies.
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