Egyptian payments fintech Paymob has closed a $22 million Series B extension, bringing total capital raised in its Series B funding round to $72 million. The extension, announced on 11 September 2024, was led by EBRD Venture Capital and attracted participation from PayPal Ventures, Endeavor Catalyst, British International Investment, and FMO.
The fundraise comes shortly after Paymob reached profitability in its home market of Egypt for the first time in the second quarter of 2024.
350,000 MERCHANTS ACROSS A FIFTY-METHOD PLATFORM
Paymob currently serves approximately 350,000 merchants across the MENA region through a platform offering more than 50 payment methods, encompassing card acceptance, mobile wallets, bank transfers, buy-now-pay-later products, and other local payment instruments.
British International Investment and FMO are development finance institutions.
Endeavor Catalyst, the co-investment vehicle of the Endeavor entrepreneurship support network, rounds out the investor group.
GCC EXPANSION: OMAN, SAUDI ARABIA AND UAE
Paymob has identified the Gulf Cooperation Council as the priority geographic area for deploying the proceeds of the Series B extension, with Oman, Saudi Arabia, and the United Arab Emirates specifically named as target markets for accelerated roll-out.