Paymob Raises $35M Pre-Series C to Expand Fintech Operations Across MENA

Egypt-born Paymob has raised $35 million in a Pre-Series C funding round co-led by Mubadala and the European Bank for Reconstruction and Development (EBRD), as the fintech continues expanding across the MENA region and develops AI-powered commerce tools for small businesses.

The round also included participation from British International Investment, Global Ventures, and Development Partners International (DPI), bringing Paymob’s total disclosed funding to more than $125 million.

Paymob’s consolidated revenue has tripled over the past 18 months, while revenue generated from the GCC has increased sevenfold over the same period and now represents close to half of the group’s total revenue.

Founded in Cairo in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy while they were still university students, Paymob initially developed payments infrastructure for the Egyptian market, where accepting digital payments online remained cumbersome.

Since its founding, Paymob has expanded into the UAE, Saudi Arabia, and Oman, as it continues to grow its fintech operations across the region and develop solutions for small businesses.