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Paymob secures USD 22 mn in funding: Local fintech startup Paymob has closed a USD 22 mn series B extension round, bringing its total series B funding to USD 72 mn, according to a statement (pdf).
Who chipped in? The round was led by EBRD Venture Capital, with participation from Endeavor Catalyst and existing investors PayPal Ventures, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures.
Where’s the money going? The fresh capital will be used to expand Paymob’s market lead in Egypt and accelerate its growth across the region — the company kicked off operations in the UAE in 2022 and got the regulatory greenlight to launch in Saudi Arabia and Oman last year, becoming the first international fintech player to receive the Payment Service Provider license from the Central Bank of Oman.
What they said: “We are very excited by our strong prospects in Egypt — where we hold a market-leading position — and the significant traction experienced in the UAE since launching operations there,” co-founder and CEO Islam Shawky said. “This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out.”
