Egypt-born fintech, Paymob, has secured an additional $22 million in funding as part of an extension to its Series B round.
This fund, which brings the total raised in this round to $72 million, was confirmed by Islam Shawky, co-founder and CEO of Paymob.
EBRD Venture Capital led the fundraising, with Endeavour Catalyst participating. Existing investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures participated in the round, reinforcing their support for Paymob’s business model, strategy, and leadership in the regional fintech industry.
Paymob, which was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa El Menessy, serves merchants and businesses of all sizes.
They were able to take payments in a variety of ways thanks to its omnichannel payment system.
This funding round comes after their 2022 USD 50 million Series B round.
The extension round follows Paymob’s continuous financial success in Egypt which serves as its primary market, and will be utilised to further the company’s MENA expansion plan.
“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, Shawky said in a press release.
Newsng gathered that since its establishment, the fintech company had grown quickly.
Over the previous two years, the company’s overall merchant count has more than tripled, mostly due to its product suite enhancements and market development.
We earlier reported that Waza, an African B2B payment and liquidity provider for emerging market companies supported by Y Combinator, has raised $8 million in debt and equity capital to grow into new regions and launch new trade finance products.
