Paymob raised $35 million in a pre-Series C funding round to expand its payments business across the Middle East and North Africa. Mubadala Investment Company and the European Bank for Reconstruction and Development co-led the round. British International Investment, Global Ventures and DPI Ventures also participated. The company did not disclose a valuation.
The Egypt-founded fintech provides payment acceptance and financial services to merchants. Its platform spans online and in-person transactions, giving small businesses and larger retailers access to multiple payment methods. Its existing investors include PayPal Ventures, Kora Capital, Clay Point Capital, FMO, A15 and Helios Digital Ventures, and it operates in Egypt, the UAE, Saudi Arabia and Oman.
CAPITAL TARGETS MERCHANT COVERAGE
Paymob said the proceeds would fund expansion across MENA by scaling its core digital payments acceptance business and introducing new products for SME merchants and agentic commerce. Merchants in the region typically manage seven to eight payment methods, each requiring separate contracts, integrations and reconciliation, according to The Fintech Times.
Paymob says its platform gives merchants access to more than 60 online and offline payment methods through a single contract, one API and a unified dashboard.
EXECUTION WILL DETERMINE SCALE
Over the past 18 months Paymob's consolidated revenues tripled across its four markets and GCC revenues grew sevenfold, with close to half of revenue now generated in the GCC.
Chief executive Islam Shawky said the round would help Paymob accelerate its growth plan across MENA and fast-track its product roadmap to become the go-to payments platform for agentic commerce.