Riyadh - Sharikat Mubasher: Paymob, the leading financial services enabler, raised a $22 million Series B extension round led by EBRD Venture Capital, with contributions from Endeavor Catalyst and existing investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
This extension round raised Paymob’s total Series B funding to $72 million, according to the company’s press release.
Paymob will dedicate these investments to expand its operations in Egypt and accelerate growth across the GCC.
During the second quarter (Q2) of 2022, the company raised the initial $50 million Series B round to launch its application and grow its merchant base across the Middle East and North Africa (MENA) by 3.5x to serve nearly 350,000 merchants.
Islam Shawky, Co-founder and CEO of Paymob, said: “This funding will help Paymob fully capitalize 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.”
For his part, Bruno Lusic, Growth Investor at EBRD Venture Capital, stated that Paymob is uniquely positioned to capitalize on that trend with its advanced technology and strong management team.
Paymob’s omnichannel gateway offers more than 50 payment solutions and empowers close to 350,000 merchants with access to innovative financial services.
