Paymob has secured an additional $22 million in funding as an extension of its Series B round, bringing the total raised to $72 million.
Led by EBRD Venture Capital, this funding will enhance Paymob’s technological infrastructure, extend its reach across the Middle East and North Africa, and drive financial inclusion and digital payments in the region.
The investment will also enable Paymob to continue developing its diverse range of payment solutions, including mobile wallets, cards, buy-now-pay-later (BNPL) services, and QR payment methods.
Paymob’s growth strategy focuses on expanding its merchant network while cross-selling additional services to existing clients. Its offerings, which help businesses accept payments, manage finances, and access working capital, have significantly boosted the company’s revenue and merchant engagement.
Founded in 2015 by American University in Cairo students Islam Shawky, Alain El-Hajj, and Mostafa Menessy, Paymob emerged in response to the lack of digital payment options for Egypt’s growing e-commerce market. Initially, integrating payment gateways from local banks posed a challenge, but the founders identified a gap for a tailored payment infrastructure. Today, Paymob serves over 350,000 merchants across Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.
Since its launch, Paymob has experienced rapid growth, tripling its merchant base over the past two years due to market expansion and product improvements. Its solutions not only enhance business operations but also contribute to the region’s broader push towards a cashless society. Partnerships with global platforms like Shopify and Tabby have amplified Paymob’s reach, while its focus on small and medium enterprises (SMBs) remains central to its growth.
Read also: Egypt’s Paymob Leads the Way: Pioneers Int’l Fintech Licensure in Oman.
In just over a year, Paymob’s transaction volume in the UAE has equaled what it took five years to achieve in Egypt. This rapid growth is driven by the UAE’s strong purchasing power and high digital wallet adoption, reflecting the region’s appetite for digital payments.
Despite the UAE’s impressive performance, Egypt remains Paymob’s largest market. CEO Islam Shawky anticipates that Egypt’s digital payment adoption will soon match the UAE’s, thanks to the central bank’s investment in the country’s digital infrastructure.
Paymob’s revenue in Egypt has grown sixfold since mid-2022, and the company became profitable in the country during the second quarter of this year. However, profitability in other markets has yet to be achieved.
With backing from major investors such as PayPal Ventures, British International Investment (BII), FMO, and Endeavor Catalyst, Paymob remains committed to leading the region’s shift toward financial inclusion and digital transformation. Its vision continues to focus on building the tools and infrastructure needed for a cashless future.
Comments 1