EBRD boosts Egypt’s digital sector with $22m Paymob stake

The European Bank for Reconstruction and Development (EBRD) is advancing Egypt’s digital transformation with a $22 million equity stake in Paymob, a leading digital payment processor.

This funding round, led by EBRD, also includes contributions from British International Investment (BII), Global Ventures, A15, FMO, PayPal Ventures, and Endeavor Catalyst.

Paymob, known for its online payments, digital wallets, and value-added services, is expanding its footprint across the Middle East and North Africa, with recent entries into Oman, Saudi Arabia, and the UAE.

The EBRD’s investment will boost Paymob’s product development, sales, and marketing efforts, fuelling its growth in Egypt and supporting its international ambitions.

This investment aligns with EBRD’s Venture Capital Investment Programme, aimed at fostering innovation and attracting venture capital to its regions, where such funding is often scarce.

Since its operations began in Egypt in 2012, the EBRD has invested €12.2 billion in 187 projects across various sectors including finance, agribusiness, manufacturing, and infrastructure.

Attribution: The European Bank for Reconstruction and Development (EBRD)
Subediting: M. S. Salama