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Key Points
- Paymob, led by Egyptian tech entrepreneurs Islam Shawky, raises $22 million in Series-B extension, totaling $72 million for the round, led by EBRD Venture Capital and existing investors.
- The fintech firm has expanded into GCC markets and achieved a sixfold revenue increase in Egypt since its 2022 funding.
- Paymob, founded in 2015, facilitates 120 million+ transactions and supports 350,000 merchants across MENA, aiming to enhance its regional market leadership.
Paymob, the largest payments facilitator in the MENA region, led by Egyptian tech entrepreneurs Islam Shawky, has secured a $22-million Series-B extension round, bringing its total Series-B funding to $72 million.
EBRD Venture Capital led the round, joined by Endeavor Catalyst and existing investors PayPal Ventures, BII, FMO, A15, Include, and Helios Digital Ventures, which focuses on high-growth tech companies in fintech, human capital, and emerging technologies.
The latest funding follows a $50-million Series-B round in 2022 led by PayPal Ventures, Kora Capital and Clay Point. Since then, Paymob has achieved sixfold revenue growth in its core Egyptian market, underscoring its profitability and market leadership.
Paymob expands footprint across MENA
Paymob, the first fintech to receive Egypt’s Payments Facilitator license in 2018, expanded into the UAE in 2022 and gained Saudi Payments PTSP certification in May 2023. In December 2023, it became the first international fintech to secure Oman’s PSP license, solidifying its regional presence.
The startup plans to use new funds to boost its market leadership in Egypt and scale operations in the Gulf Cooperation Council (GCC) markets which brings together six Arab countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Its Series B funding helped launch its app in 2023 and triple its merchant base to 350,000 across MENA. Paymob now offers 50 payment methods via its gateway, POS terminals, and app.
Islam Shawky, co-founder and CEO of Paymob, expressed optimism about the company’s prospects. “This funding will help Paymob fully capitalize on the momentum in our established markets as we accelerate our GCC roll-out,” Shawky said. “We remain committed to creating a cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy.”
Young entrepreneur leads Paymob's mission to empower SMEs
Paymob, founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, has processed over 120 million transactions worth more than $300 million. The startup serves 12 million users and 150,000 agents, offering businesses online and offline payments via mobile wallets.
Recently, it introduced embedded checkout experiences on Shopify and WooCommerce. Shawky, one of Egypt’s youngest entrepreneurs and a board member of the Technology Innovation and Entrepreneurship Center, has led Paymob in processing millions of transactions annually.
The startup continues to drive digital financial solutions for SMEs in the region. The latest funding round aims to scale operations and expand Paymob’s presence in the fast-growing MENA fintech sector.
