Paymob Raises Additional $22 Million in Series B Extension
This latest funding was led by EBRD Venture Capital with participation from Endeavor Catalyst, as well as existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
Egypt-based fintech Paymob has secured $22 million in a Series B extension round, bringing the total raised in this round to $72 million. This latest funding was led by EBRD Venture Capital with participation from Endeavor Catalyst, as well as existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.[1]
The funding will support Paymob's growth strategy, including expanding its merchant base and payment offerings, which currently serve nearly 350,000 merchants across MENA.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy, Paymob provides online and offline merchants with digital payment solutions.
In 2022, Paymob secured $50 million in Series B funding, led by Kora Capital, PayPal Ventures, and Clay Point.[2]
A year earlier, Paymob neted $18.5 million in its Series A round, led by Global Ventures with participation from A15 and Dutch entrepreneurial development bank FMO.
Paymob was the first fintech to obtain the Central Bank of Egypt’s Payments Facilitator license in 2018. The company expanded to the UAE in 2022 and received certifications in Saudi Arabia and Oman by 2023.