Paymob Secures $22M for Expansion in Egypt and GCC
Summary
Paymob, a financial services enabler, has successfully raised $22 million in a Series B extension round to bolster its presence in its core market of Egypt and expand into Gulf Cooperation Council (GCC) countries. The company has consistently demonstrated growth, with significant gains in merchant base and expansion of its payment acceptance suite. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC rollout.Founded in 2015, Paymob has received several key certifications, including the Central Bank of Egypts Payments Facilitator license in 2018, Saudi Payments PTSP certification in May 2023, and Omans PSP license in December 2023. The Series B extension round was led by EBRD Venture Capital, which underscores the growing investor confidence in Paymobs capabilities and market potential.Bruno Lusic of EBRD Venture Capital highlighted the growing trend towards noncash payment methods in the MENA region.Paymob aims to address the imbalance between payment issuance and acceptance in emerging markets. With a solid foundation and a clear vision, Paymob is well-positioned to lead the transition to digital payments, benefiting merchants across the MENA region.