Paymob Raises $22 Million to Expand GCC Payments Solutions

Egyptian fintech company Paymob has announced a $22 million Series B extension round, boosting its total Series B funding to $72 million. This significant investment will enable Paymob to accelerate its expansion into the GCC region, building upon its strong presence in Egypt and the UAE. The funding was led by EBRD Venture Capital, the venture investing arm of the European Bank for Reconstruction and Development, with participation from Endeavor Catalyst and existing investors including PayPal Ventures, British International Investment (BII), Dutch development bank FMO, and venture capital firms A15, Nclude, and Helios Digital Ventures.

Strong Growth and Profitability in Egypt

Paymob has achieved impressive growth and profitability in its core market of Egypt, recording six times revenue growth since its initial Series B funding in Q2 2022. This success is a testament to Paymob's innovative payment solutions and strong market position.

• Paymob was the first fintech company in Egypt to receive the Central Bank of Egypt's (CBE) payments facilitator license in 2018.
• The company has expanded its operations to the UAE and Saudi Arabia, obtaining the necessary certifications and licenses to operate in these markets.
• Paymob has also become the first international fintech company to receive Oman's PSP license, demonstrating its commitment to regional expansion.

GCC Expansion Fueled by Series B Funding

The initial Series B funding round of $50 million in 2022, led by Kora Capital, PayPal Ventures, and Clay Point, fueled Paymob's expansion into the GCC region. This investment enabled the company to launch its app in 2023 and grow its merchant base across the MENA region to nearly 350,000 merchants.

Paymob's Vision for the Future

Islam Shawky, co-founder and CEO of Paymob, expressed his excitement about the company's prospects, highlighting the significant traction Paymob has experienced in the UAE since launching operations there. The CEO stated that the new funding will enable Paymob to fully capitalize on the momentum in its established markets and accelerate its GCC roll-out.

Paymob remains committed to building a cutting-edge infrastructure that empowers SMEs across the region to thrive in the digital economy. The company is proud of its impact in enabling businesses to access innovative financial services and facilitating seamless payments experiences.

Key Takeaways

• Paymob secures $22 million in Series B extension funding, bringing its total to $72 million.
• This investment will fuel Paymob's expansion into the GCC region, building upon its strong presence in Egypt and the UAE.
• Paymob's commitment to innovation and customer-centric solutions has enabled it to achieve impressive growth and profitability in Egypt.
• The company's focus on supporting SMEs and facilitating digital payments will contribute to the growth and development of the region's economy.