Paymob, an Egyptian fintech company, just raised an extra $22 million in funding, bringing its total Series B round to $72 million. This boost comes on top of the $50 million they secured in 2022. The fresh investment comes from big names like EBRD Venture Capital and PayPal Ventures, showing just how much confidence there is in Paymob’s future. Since starting out, Paymob has pulled in over $90 million in total.
What’s Next for Paymob?
With this new funding, Paymob is gearing up to expand across the MENA region (Middle East and North Africa). Their main focus? Rolling out even more tools for businesses to accept payments, both online and offline. They’re also looking to improve services like lending and advanced payment solutions, making it easier for small businesses to manage their money.
From College Project to Fintech Success
Paymob started back in 2015, founded by three college friends who saw a big problem — Egypt’s growing eCommerce market didn’t have the right payment systems in place. Islam Shawky (CEO), Alain El Hajj, and Mostafa Menessy decided to create a solution, and that’s how Paymob was born.
Today, Paymob has grown into a powerhouse, offering over 50 ways to pay, from cards to QR payments, and supporting 350,000 merchants across Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.
Big Win: Profitability in Egypt
For the first time, Paymob has become profitable in Egypt — and it’s a big deal. They’ve seen their revenue increase sixfold since 2022, thanks to the smart cross-selling of extra services like lending. CEO Islam Shawky is thrilled with the progress, but they’re still working on becoming profitable in other markets.
Why the UAE is Important
Interestingly, Paymob’s UAE operation has taken off even faster. Even though they only offer online payments there, their transaction volume is already as high as what they’ve achieved in Egypt — a market they’ve been working on for five years. The reason? The UAE’s strong economy and widespread digital payment adoption.
What’s Ahead?
In the coming years, Paymob aims to continue being a key player in the MENA fintech world, bringing digital payment solutions to more countries and empowering businesses with easier ways to handle their finances. Though they haven’t updated their transaction figures from the $5 billion in 2020, it’s clear that Paymob’s growth is just getting started.
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