Paymob, an Egyptian fintech company specializing in enabling financial services, announced its successful completion of a $22 million extension in Series B funding, bringing the total raised in this round to $72 million. The company was founded in 2015 by Islam Shawky, Alain El-Hajj, and Mostafa Menessy.
The funding round was led by EBRD Venture Capital, with participation from Endeavor Catalyst, as well as existing investors such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures.
Paymob offers a multi-channel gateway with over 50 payment solutions, providing nearly 350,000 merchants access to innovative financial services.
Paymob was the first fintech company to receive a payment facilitator license from the Central Bank of Egypt in 2018. The company expanded into the UAE market in 2022, and in May 2023, it secured the Saudi PTSP payment license, allowing it to launch operations in Saudi Arabia. In December 2023, Paymob obtained the Payment Service Provider (PSP) license in Oman.
