Paymob, a digital payments platform founded by three friends in Egypt, has closed a $22 million extension to its Series B round, bringing the total to $72 million. This funding will further support the company’s rapid expansion in the Middle East and North Africa, where it’s enabling businesses of all sizes to accept a variety of online and offline payments.
The story of Paymob is remarkable – it started as a solution to a problem its founders encountered while running their own e-commerce platform. Recognizing the lack of suitable payment solutions for digital businesses, they created Paymob,which has since evolved into a comprehensive payment gateway offering over 50 payment methods to more than 350,000 merchants across five countries.
This recent funding round, led by EBRD Venture Capital, will fuel Paymob’s continued growth and product development.The company has already tripled its merchant base in the past two years, expanded into new markets, and launched new products like lending and advanced settlements.
Paymob’s success is intrinsically linked to the increasing demand for digital payments in the region. In Egypt, where Paymob is now profitable, 88% of consumers have used at least one emerging payment method in the past year. The UAE market is even more advanced, with a 77% adoption rate for digital payments. Paymob is rapidly scaling to meet this demand, reporting that its transaction volume in the UAE has already matched that of its Egyptian business in just 14 months.
With its focus on providing a comprehensive suite of financial services to businesses, Paymob is not only enabling digital transactions but also driving financial inclusion in the region. It’s helping businesses accept payments, manage their finances, and access working capital, contributing to their growth and the overall development of the digital economy.
Paymob’s journey highlights the potential for successful tech startups to emerge from ecosystems outside of Silicon Valley. It’s a testament to the founders’ vision, the growing digital payments market in the region, and the potential for fintech solutions to drive economic growth and financial inclusion.
