Following this announcement, Paymob raised an additional USD 22 million Series B extension round, which took the company’s total investment to USD 72 million. The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst and other existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
The extension round follows Paymob’s continued profitability in its core market of Egypt, as well as its strategy of pursuing its growth strategy across the region of MENA. In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Throughout this investment, Paymob is set to remain focused on expanding its suite of services and expertise in Egypt, while also scaling operations in newer markets in order to provide customers with optimised and secure solutions.
At the same time, the GCC expansion was spurred by Paymob’s initial Series B funding round, which took place in 2022 and raised USD 50 million. The investment enabled Paymob to launch its app in 2023, while also growing its merchant base across the MENA region by 3.5x in order to serve 350.000 merchants and traders. The company has also developed its acceptance suite of 50 payment methods delivered via its gateway, POS terminals, as well as the Paymob application.
The funding is expected to enable Paymon to fully capitalise on the momentum in its established markets, while also accelerating its GCC roll-out. The financial institution will remain committed to designing improved infrastructure that will enable small and medium-sized enterprises (SMEs) across the region to thrive and grow in the overall digital economy.
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