Paymob Secures $22 Million in Series B Funding to Accelerate Growth”

Paymob, the Egyptian fintech company, has announced the successful raise of an additional $22 million in its Series B funding round, bringing the total funds raised to $72 million. This marks a pivotal moment for the company as it looks to strengthen its market presence and expand regionally and globally.

Founded in 2015, **Paymob** has made remarkable strides since receiving a payment facilitator license from the Central Bank of Egypt in 2018. The company launched operations in the UAE in 2022 and has since expanded to other Gulf markets, acquiring a payment gateway provider license in Saudi Arabia in May 2023 and a **PSP** (Payment Service Provider) license in Oman by December of the same year. Paymob is now poised for rapid expansion across the Gulf region, accelerating its growth in new markets.

Currently, Paymob serves around **350,000 merchants** and has expanded payment options for its users through its app and point-of-sale systems, offering over **50 payment methods**. The company is committed to providing a robust digital infrastructure that empowers small and medium-sized businesses across the region to thrive in the digital economy. Co-founder and CEO Islam Shawkyexpressed his excitement, stating, "This funding will allow us to leverage the momentum we’ve generated in established markets while accelerating our expansion into the Gulf, reaffirming our commitment to supporting SMEs with cutting-edge digital solutions."