Paymob, a financial services enabler, has successfully raised $22 million in a Series B extension round to bolster its presence in its core market of Egypt and expand into Gulf Cooperation Council (GCC) countries. This new funding aims to support Paymob in leveraging its market leadership in Egypt and accelerating its operations in the GCC region.
In a 2022 report, Paymob previously raised $50 million in its initial Series B round. This brings the total Series B funding to $72 million. The company has consistently demonstrated growth, with significant gains in merchant base and expansion of its payment acceptance suite. Earlier reports highlighted Paymob’s rapid market penetration and the introduction of new payment methods. These efforts have solidified its market position, making it a notable player in the Middle East and North Africa (MENA) region.
Paymob’s CEO, Islam Shawky, expressed optimism about the company’s future.
“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,” Shawky said. “This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC rollout.”
Funding and Market Expansion
Founded in 2015, Paymob has received several key certifications, including the Central Bank of Egypt’s Payments Facilitator license in 2018, Saudi Payments PTSP certification in May 2023, and Oman’s PSP license in December 2023. The company launched operations in the UAE in 2022 and has significantly expanded its merchant base and payment methods since its initial Series B round.
The financial services provider has also introduced embedded checkout experiences on platforms like Shopify and WooCommerce, enhancing its service offerings. The Series B extension round was led by EBRD Venture Capital, which underscores the growing investor confidence in Paymob’s capabilities and market potential.
Strategic Market Position
Bruno Lusic of EBRD Venture Capital highlighted the growing trend towards noncash payment methods in the MENA region.
“The payments landscape in Egypt and the broader MENA region is hugely exciting and is seeing rapid growth as economies transition to noncash payment methods,” Lusic stated. “We are convinced that Paymob is uniquely positioned to capitalize on that trend with its advanced technology and strong management team.”
Paymob aims to address the imbalance between payment issuance and acceptance in emerging markets. CEO Shawky emphasized the need for solutions that can bridge this gap, enabling businesses to reach their full potential. The company’s strategic initiatives aim to resolve these challenges and promote growth in the digital payments landscape.
This latest funding round will likely accelerate Paymob’s growth trajectory in both its established and new markets. With a solid foundation and a clear vision, Paymob is well-positioned to lead the transition to digital payments, benefiting merchants across the MENA region.
