Egypt: Paymob lands additional $22m for Series B round
Egypt: Paymob lands additional $22m for Series B round
The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Egypt-based fintech company Paymob has raised a $22 million Series B extension round, taking its total Series B funding to $72 million.
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 also participated in the round.
The extension round follows Paymob’s continued profitability in its core market of Egypt, having recorded 6x revenue growth since the initial Series B funding in Q2 2022.
Founded in 2015, Paymob was the first fintech company to receive the Central Bank of Egypt’s (CBE) Payments Facilitator licence in 2018. The company launched in the UAE in 2022 and received its Saudi Payments PTSP certification in May 2023. In December 2023, Paymob became the first international fintech company to receive Oman’s PSP licence.
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.”
Allen Taylor, managing partner at Endeavor Catalyst, stated: “At Endeavor, we have witnessed fintech in the Middle East gain increasing global attention. Building on this momentum, we are thrilled to support entrepreneurs 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. Since their selection as Endeavor Entrepreneurs in 2022, we have been dedicated to supporting their growth and are excited to see their journey unfold further.”
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log.