Egypt’s Fintech Paymob Raises USD 22 M in Series B

Egypt-based fintech Paymob has raised a USD 22 M Series B extension round led by EBRD Venture Capital. Endeavor Catalyst participated, along with existing investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.

Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa El Menessy, Paymob works with businesses and merchants of all sizes. Its omnichannel payment infrastructure allows them to accept payments via various methods.

This funding round follows their USD 50 M Series B round in 2022. The extension round comes after Paymob’s continued profitability in its core market of Egypt and will be used to pursue its growth strategy across MENA.

Reportedly, Paymob has expanded its payment acceptance options to 50 methods available through its gateway, POS terminals, and Paymob app. As part of its ongoing efforts to support the growth of small and medium-sized enterprises in the region, Paymob has recently introduced embedded checkout experiences on e-commerce platforms Shopify and WooCommerce.