Paymob Raises $22M Series B Extension to Expand B2B Merchant Payments

Paymob, an Egypt-based B2B merchant payments platform, secured $22 million in a Series B extension round in September 2024. The company provides payment acceptance and processing infrastructure for merchants, operating as embedded payment infrastructure in the MENA region. The new funding is targeted at expanding Paymob's footprint into GCC (Gulf Cooperation Council) markets, broadening its geographic reach beyond its Egyptian base.

Paymob's platform enables businesses to accept digital payments, a critical component of embedded finance in emerging markets where cash-to-digital transitions are accelerating. The round reflects continued investor confidence in payment infrastructure serving underpenetrated markets. Specific investors in this extension round were not disclosed in available reporting.

The funding positions Paymob to compete more aggressively in the rapidly growing MENA fintech landscape.