Paymob raises $35 million in pre-Series C funding

Paymob raised $72 million in Series B funding across a 2022 round and a 2024 extension round; and increased its consolidated revenues threefold across its four markets

Paymob, an Egypt-based FinTech company, raised $35 million in pre-Series C funding, the company said in a Monday post on LinkedIn.

Paymob said in the post that it will invest the new funding in “wider payment coverage across our Middle East and North Africa markets, new products for small- to medium-sized business SMB merchants and getting ahead of agentic commerce.”

Paymob operates across Egypt, the United Arab Emirates, Saudi Arabia and Oman; serves more than 390,000 merchants; and enables merchants to accept payments and manage their finances through its payment gateway, point-of-sale terminals, software point of sale and payment links, according to a Forbes Middle East report shared in Paymob’s post.

Paymob was founded in 2015; raised $72 million in Series B funding across a 2022 round and a 2024 extension round; and increased its consolidated revenues threefold across its four markets, per the report.

Paymob’s pre-Series C funding round was co-led by Mubadala and the European Bank for Reconstruction and Development (EBRD), according to the company’s post.

Ali Al Mehairi, executive director of diversified assets at Mubadala Investment Company, said in a Monday post on LinkedIn that Paymob has established itself as one of the MENA region’s most widely backed FinTech companies.

Its platform simplifies a traditionally fragmented payments landscape by bringing more than 60 payment methods under a single contract, API, settlement cycle and dashboard, Al Mehairi said.

Bruno Lusic, venture capitalist and growth investor at EBRD Venture Capital, said in a Monday post on LinkedIn that with the latest investment, EBRD VC doubled down on its conviction after first backing Paymob in 2024.

Paymob has built the payments infrastructure that MENA’s SMB economy has been missing, Lusic said. Over the last 18 months, the company has tripled revenues and grown its Gulf Cooperation Council business 7x, onboarding nearly 20,000 merchants.