Paymob raises $22 million in Series B extension round
Summary
The firm has grown its footprint beyond Egypt into neighbouring countries, with outposts in the UAE, Saudi Arabia and Oman. The firm claims to have recorded 6x revenue growth since the initial Series B funding in Q2 2022 and has now set its sights on expanding further across the Middle east and North Africa. Islam Shawky, co-founder and CEO of Paymob, comments: 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.