Egyptian fintech startup Paymob has announced a $22 million extension to its Series B funding round, bringing the total raised to $72 million. The extension was led by EBRD Venture Capital, with participation from existing investors including PayPal Ventures, British International Investment (BII), FMO, A15, Nclude, Helios Digital Ventures, and Endeavor Catalyst.
Founded in 2015 by Islam Shawky (CEO), Alain El Hajj (COO), and Mostafa Menessy (CTO), Paymob provides comprehensive payment infrastructure solutions across the Middle East and North Africa (MENA) region. The company’s omnichannel payment gateway supports over 50 payment methods, empowering nearly 350,000 merchants with access to innovative financial services like cards, mobile wallets, Buy Now Pay Later (BNPL), and QR payments.
“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,” said CEO Islam Shawky. “This funding will help Paymob fully capitalize on the momentum in our established markets as we accelerate our GCC rollout. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy.”
The fresh capital will fuel Paymob’s expansion within Egypt and across the MENA region, particularly in the Gulf Cooperation Council (GCC) countries such as the United Arab Emirates (UAE), Saudi Arabia, and Oman. The company recently received regulatory approvals, including a Payments Facilitator license from the Central Bank of Egypt, Saudi Payments PTSP certification, and Oman’s PSP license, positioning it well for regional growth.
Investors are bullish on Paymob’s prospects given the rapid adoption of digital payments in the MENA region. “We are extremely excited to support Paymob as it embarks on the next chapter in its journey to create a market-leading, omnichannel, and multi-jurisdiction payment solutions provider in the MENA region,” said Bruno Lusic of EBRD Venture Capital. “The payments landscape in Egypt and the broader MENA region is hugely exciting and is seeing rapid growth as economies transition to non-cash payment methods.”
Since the initial Series B funding in May 2022, Paymob has recorded a sixfold increase in revenue in Egypt and expanded its merchant network by 3.5 times. The company’s profitability in its core market, coupled with the new funding, provides ample resources to pursue its growth strategy.
Paymob has been enhancing its product offerings through strategic partnerships and technological advancements. The company recently launched embedded checkout experiences on e-commerce platforms like Shopify and WooCommerce, further simplifying payment processes for merchants. Plans are underway to introduce additional services for small and medium-sized businesses (SMBs), including lending solutions and advanced settlement features.
By expanding its footprint and diversifying its product suite, Paymob aims to solidify its position as a leading fintech player in the MENA region. Allen Taylor, Managing Partner at Endeavor Catalyst, stated, “Building on the momentum in Middle East fintech, we are thrilled to support entrepreneurs like Islam Shawky, Alain El Hajj, and Mostafa Menessy in this new round of regional expansion for Paymob. Advancing their goals of enabling businesses to thrive in the digital economy aligns with our mission.”
