Paymob Secures $35 Million to Expand Payment Coverage Across MENA

Egypt-based FinTech firm Paymob raised $35 million in pre-Series C funding, as announced on LinkedIn on Monday, September 21, 2021. The company plans to invest the funds in broadening payment coverage across Middle East and North Africa (MENA) markets, developing products for small- to medium-sized businesses (SMB) merchants, and staying ahead in agentic commerce.

Paymob operates in Egypt, the United Arab Emirates, Saudi Arabia, and Oman, serving over 390,000 merchants. The platform enables merchants to accept payments via a payment gateway, POS terminals, software point of sale, and payment links. Founded in 2015, Paymob has raised $72 million in Series B funding in 2022 and a $72 million extension round in 2024, resulting in threefold revenue growth across its four markets.

The latest funding round was co-led by Mubadala and the European Bank for Reconstruction and Development (EBRD). Ali Al Mehairi, executive director of diversified assets at Mubadala, praised Paymob as one of the region's most widely backed FinTech companies. Bruno Lusic, venture capitalist and growth investor at EBRD Venture Capital, stated that the funding reinforces the company's role in addressing the missing payments infrastructure for MENA's SMB economy.

Paymob's co-founder and CEO, Islam Shawky, has stated that the company aims to fill the gap between payments issuance and acceptance in emerging markets. The firm was working on expanding payment options for its merchant clients, both online and in-person, offering 40 different payment solutions. In May 2025, Paymob raised $50 million, marking the largest financing in a FinTech company in Egypt.