This brings the total amount raised in the round to $72 million, following a $50 million investment in 2022.

The latest round was led by the European Bank for Reconstruction and Development (EBRD) Venture Capital, with participation from PayPal Ventures, Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV).

Paymob plans to use the fresh capital to expand its operations across the Middle East and North Africa (MENA) region, focusing on enhancing its product suite and services.

Since receiving the initial portion of its Series B funding, the company has already made significant strides, launching an app for small and medium-sized businesses (SMBs) and introducing new payment methods like embedded checkout experiences and products such as lending and advanced settlements.

Founded in 2015 by college friends Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob started as a solution to Egypt’s growing eCommerce market, addressing the lack of suitable payment infrastructure for digital businesses.

Today, the company offers a comprehensive omnichannel payment gateway, enabling over 350,000 merchants to accept online and offline payments across five countries in the MENA region, including Egypt, Pakistan, Oman, Saudi Arabia, and the UAE.

Paymob has achieved notable success, becoming profitable in Egypt for the first time in the second quarter of 2024.

Revenue in Egypt has surged sixfold since mid-2022, driven by the company’s ability to cross-sell additional services to its expanding merchant base.

Despite its relatively recent entry into the UAE market, Paymob has already seen significant growth. Transaction volume in the Middle Eastern nation now matches that of its entire Egyptian business.

This rapid expansion can be attributed to the UAE’s higher purchasing power, stronger currency, and widespread adoption of digital payments.