A true model of success is emerging in Egypt. Paymob, a fintech company founded by three university friends, has just announced a new fundraising of $22 million. With this additional funding, Paymob now achieves profitability, cementing its leading position in Egypt’s fintech ecosystem.
Paymob, founded by three university friends
Paymob, a Egyptian fintech established by three university friends, has become a major player in the field of financial services in Egypt. These visionary entrepreneurs were able to capitalize on the opportunities offered by the Egyptian market to transform their dream into a successful business. Indeed, their shared passion and strategic collaboration have laid the foundations of a modern and innovative financial ecosystem.
Raised an additional $22 million
In 2021, Paymob raised no less than $50 million in Series B financing, an operation supported by giants like PayPal Ventures. Most recently, they secured an additional $22 million, bringing their total funding to nearly $90 million since their inception in 2016. Investors in this new round include prestigious names such as Global Ventures, proving the market’s confidence in Paymob’s potential.
Achieves profitability in Egypt
Thanks to a well-thought-out strategy and strategic partnerships, including with Saudi startup Tamara under the Buy Now Pay Later (BNPL) model, Paymob has not only achieved great success but also reached profitability in Egypt. This remarkable performance consolidated its leading position in the Egyptian fintech market, illustrating the rise of a young company determined to revolutionize the financial landscape. Note that their technology is used by more than 35,000 local merchants, which demonstrates their significant impact on the country’s economy.
Development in Africa and Asia
The future looks bright for Paymob. This company does not intend to stop there. The $50 million Series B funding will enable Paymob to expand its business beyond Egyptian borders, targeting markets in Africa and Asia. This ambitious plan is supported by the continuous improvement of their technological solutions, in line with the growing needs of businesses in these regions. Strengthened by their local success, Paymob’s international expansion represents a real leap forward for African fintech.
