Paymob Raises $35 Million in Pre-Series C to Expand MENA Payments

What is Paymob?

Paymob provides payments infrastructure for businesses across the Middle East and North Africa (MENA).Its platform allows merchants to accept online and offline payments through a single technology layer. Businesses can access more than 60 payment methods through one integration, including cards, local payment networks, BNPL, and bank instalment solutions.

Paymob currently serves more than 390,000 merchants across Egypt, the UAE, Saudi Arabia, and Oman.

Funding Details

Paymob raised $35 million in its Pre-Series C round, which was co-led by Mubadala Investment Company and EBRD.

British International Investment, Global Ventures, and DPI Ventures also participated in the funding round.

The latest investment follows Paymob’s $50 million Series B in 2022 and a $22 million Series B extension led by EBRD in 2024. The latest round takes the company’s total disclosed funding to more than $125 million.

How Will Paymob Use the Funding?

Paymob will use the new capital to expand its digital payments acceptance business across the MENA region.

The company also plans to develop new products for small and medium-sized businesses (SMEs) and build payment solutions for agentic commerce, where AI agents can help initiate purchases on behalf of consumers.

Company Background

Founded in Cairo in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob initially focused on building payment infrastructure for businesses in Egypt.

The company later expanded into the UAE, Saudi Arabia, and Oman. It entered the UAE market in 2023 and received a Retail Payment Services Licence from the Central Bank of the UAE in January 2025.

Paymob has since onboarded around 20,000 merchants across its three GCC markets. Its consolidated revenue has tripled over the past 18 months, while GCC revenue has increased sevenfold and now accounts for close to half of its total revenue.

Market and Business Growth

Paymob has expanded its merchant base to more than 390,000 businesses across its four markets. Its platform helps merchants manage fragmented payment systems by providing access to more than 60 payment methods through a single integration.

The company’s investor base includes PayPal Ventures, Kora Capital, Clay Point Capital, FMO, A15, Helios Digital Ventures, Global Ventures, DPI Ventures, and British International Investment, alongside its latest investors.

What Happens Next?

With the new funding, Paymob plans to continue expanding across MENA while developing new products for SME merchants and agentic commerce. The company is also continuing to grow its presence in the GCC, which has become an increasingly important part of its business.

Islam Shawky, Co-Founder & Chief Executive Officer of Paymob, said: “Paymob morphed into a regional platform over the past 18 months, propelled by the exponential growth of our GCC business. This Pre-Series C funding round will help us accelerate our growth plan across the MENA region and fast-track our product roadmap to become the go-to payments platform for agentic commerce. We are very excited about Mubadala joining our cap table and grateful for the continued support of our existing shareholders.”   

Ali Eid Al Mheiri, Executive Director, UAE Diversified Assets, at Mubadala’s UAE Investments Platform, said, "Paymob's expansion in the UAE aligns closely with our ambition under our MENA Venture Capital Fund to support companies that strengthen the country’s digital economy and reinforce its position as a leading regional fintech hub. With a scalable payments platform and strong growth potential across the GCC, Paymob is well positioned to support merchants, advance financial inclusion and contribute to economic diversification. This investment reflects Mubadala’s continued focus on backing innovative businesses that can scale across the region and create long-term value.”

Bruno Lusic, VC and Growth Investor, EBRD, added: "Paymob has built the payments infrastructure that MENA's SME economy has been missing, a single, scalable layer that removes friction for merchants and unlocks growth across markets that have historically been underserved by digital finance. This investment reflects EBRD's continued commitment to backing high-growth fintech champions. We are proud to support Paymob's next phase of expansion across the GCC and beyond.”

Read Also - Amber Electric Raises $56Mn Approx to Expand Energy Flexibility Across Europe