Paymob Secures $22M in Series B Extension to Drive Regional Expansion

Daba Finance/Paymob Secures $22M in Series B Extension

STARTUP VENTURE CAPITALSeptember 12, 2024 at 12:28 PM UTC

TLDR

Paymob secures $22 million in Series B extension, totaling $72 million funding round.
Company serves 350,000+ merchants in Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.
Paymob offers mobile wallets, cards, BNPL services, and QR payments, driving digital transactions in MENA region.

Paymob, a fintech company in the Middle East and North Africa (MENA), has raised an additional $22 million in its Series B extension, bringing the total for the round to $72 million.

Founded in 2015, Paymob has grown to serve over 350,000 merchants in Egypt, Pakistan, Oman, Saudi Arabia, and the UAE. Its payment solutions include mobile wallets, cards, buy-now-pay-later (BNPL) services, and QR payments, positioning it as a key player in driving digital transactions in the region.

The funding, led by EBRD Venture Capital, will enhance Paymob's technological infrastructure, expand its presence across the MENA region, and advance its mission to promote financial inclusion and digital payments.

Key Takeaways

Over the past few years, a growing crop of startups and their founders have made growth-focused, strategic expansions beyond Africa to emerging markets elsewhere—particularly the Middle East, Asia, and Latin America. For Paymob, the market opportunity in MENA is significant: there are millions of SMEs using relatively few POS terminals and even fewer e-commerce payment gateways. The market gap thus fits its solutions. MENA's huge, cash-dominated small business economy offers strong opportunities for fintech companies like Paymob, which continue to witness exponential growth in the market. The startup currently has 200,000 local and international merchants using its payment gateways and plans to reach a third of Egypt’s 3 million SMEs in the next few years.

Venture Capital

Paymob

EBRD

Fintech

Egypt

Financial Services