Paymob secures $22m Series B extension to continue GCC roll-out
Paymob, an Egypt-based B2B merchant financial services platform, has raised $22 million through a Series B extension led by EBRD VC, the venture capital arm of the European Bank for Reconstruction and Development.
Egypt’s Paymob raises $22 million Series B extension
PayPal Ventures, British International Investment (BII), Dutch bank FMO, A15, Nclude, and Helios Digital Ventures supported the extension as existing investors, with Endeavor Catalyst joining as a new participant.
The extension builds upon a $50 million Series B closed in 2022, following the completion of a $18.5 million Series A the year prior, and brings the platform’s total capital secured to date close to $90 million.
“This funding will help Paymob fully capitalise on the momentum in our established markets, as we accelerate our GCC roll-out,” explains Paymob co-founder and CEO Islam Shawky.
The company holds a Payments Facilitator licence from the Central Bank of Egypt (CBE) which it obtained in 2018, certification as a payment technology service provider (PTSP) by the Saudi Central Bank (SAMA) from 2023, and most recently, a payment service provider (PSP) licence by the Central Bank of Oman (CBO) from January this year.
Founded in 2015 and based in Cairo, Paymob operates an omnichannel gateway that currently enables nearly 350,000 merchants across MENA to accept 50 different types of payment method, including digital wallets, instalment payments, and QR code payments.
