[Funding News] Egypt-based Paymob Raises $22 Mn in Series B Extension Round Funding - Startup Rise Asia
Summary
Participating in the round were longtime investors PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures, all of whom reaffirmed their support for Paymobs business plan, approach, and position as a leader in the local fintech industry.In order to maintain its position as the top payments provider in the area, the company is still committed to growing its market share in Egypt and scaling up operations in recently penetrated areas. Having been established in 2015, Paymob was the first fintech business to be granted a Payments Facilitator license by the Central Bank of Egypt (CBE) in 2018. Paymob became the first foreign fintech startup to obtain a PSP license in Oman in December 2023.Paymobs first $50 million Series B investment in 2022, led by Kora Capital, PayPal Ventures, and Clay Point, provided the impetus for the GCC expansion. In keeping with its pledge to encourage regional SME growth, Paymob recently introduced embedded checkout experiences on e-commerce platforms Woo Commerce and Shopify.Islam Shawky Paymobs co-founder and CEO said We are very excited by our strong prospects in Egypt, where we hold a market-leading position, We have experienced significant traction in the UAE since launching our operations there. We are pleased of our ongoing influence and are dedicated to building state-of-the-art infrastructure that will help SMEs around the region prosper in the digital economy.Bruno Lusic of EBRD Venture Capital said We are extremely excited to support Paymob as it embarks on the next chapter in its journey to create a market-leading, omni-channel, multi-jurisdiction payment solutions provider in the MENA region, .