Paymob, a UAE-based leading financial services enabler in MENA, announced raising $22 million in a Series B extension round.
The latest round will take the company’s total Series B funding to $72 million.
The company said the just concluded 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 also participated in the round.
The extension round follows Paymob’s continued profitability in its core market of Egypt, having recorded 6-time revenue growth since the initial Series B funding in Q2 2022.
“The company’s strong financial position, plus its Series B extension proceeds, means it has ample resources to pursue its growth strategy across MENA,” Paymob said in a media release.
Co-founder and CEO Islam Shawky said the latest funding will help the company to fully capitalise on the momentum in its established markets, as it accelerates plans for a 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,” he said.
Paymob leverages regional experience
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, also received the Saudi Payments PTSP certification in May 2023.
In December 2023, Paymob became the first international fintech company to receive Oman’s PSP license.
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