Paymob, MENA’s leading financial services enabler, announces a $22m Series B extension round, taking the company’s total Series B funding to $72m.
The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst. Existing investors PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures participated in the round, reaffirming their endorsement of Paymob’s business model in the regional fintech sector.
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The extension round follows Paymob’s continued profitability in its core market of Egypt
Paymob recorded 6x 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.
The company remains focused on expanding its market position in Egypt while scaling operations in newly penetrated markets to reinforce its position as the successful payments provider in the region.
Islam Shawky, co-founder and CEO of Paymob, commented: “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. This funding will help Paymob fully capitalise on the momentum in our established markets as we accelerate our 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.”
Bruno Lusic of EBRD Venture Capital added: “We are extremely excited to support Paymob as it embarks on the next chapter in its journey to create a market- leading, omni-channel, and multi-jurisdiction payment solutions provider 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 non-cash payment methods. We are convinced that Paymob is uniquely positioned to capitalise on that trend with its advanced technology and strong management team.”
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