Paymob has announced a Ksh. 2.8 billion (USD 22 million) Series B extension round, taking the company’s total Series B funding to Ksh. 9.2 billion (USD 72 million). The funding round was led by EBRD Venture Capital, with participation from Endeavor Catalyst.
Existing investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures participated in the round. This reaffirms their endorsement of Paymob’s business model, strategy, and leadership in the regional fintech sector.
The extension round follows Paymob’s continued profitability in its core market of Egypt having recorded six times revenue growth since the initial Series B funding in Q2 2022. The company’s strong financial position and its Series B extension proceeds means that it has ample resources to pursue its growth strategy across Middle East and North Africa (MENA).
Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator license in 2018. The Company launched in the UAE in 2022 and received its Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech company to receive Oman’s PSP license.
The GCC expansion was spurred by Paymob’s initial Series B round in 2022, which raised USD 50 million, and was led by Kora Capital, PayPal Ventures, and Clay Point. The investment enabled Paymob to launch its app in 2023 and grow its merchant base across MENA by 3.5 times, to serve nearly 350,000 merchants.
Paymob has also grown its acceptance suite to 50 payment methods delivered via its gateway, POS terminals, and the Paymob app, making it the most comprehensive offering on the market. Paymob recently launched embedded checkout experiences on e-commerce platforms Shopify, and Woo Commerce, as it continues to deliver on its commitment to power regional SME growth.
Commenting on the extension round, Islam Shawky, Co-Founder and CEO of Paymob, commented, “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 and are proud of our continued impact.”