Paymob, a leading fintech company active in the Middle East, North Africa, and Pakistan, has obtained a retail payment services (RPS) license from the Central Bank of the United Arab Emirates (CB-UAE).
This license allows Paymob to offer merchant acquisition services, facilitate payment collection, and conduct local money transfers, representing a key milestone in the company’s regional expansion efforts.
“This license reflects the trust that the Central Bank of the UAE has placed in Paymob to support the UAE’s vision of a cashless and digitally connected economy,” a statement from the company stated.
“We are committed to providing merchants with scalable tools that enable them to thrive in this dynamic market.”
Paymob’s entry into the UAE is backed by its $72 million Series B funding round, completed in September 2024.
🇪🇬FUNDING | Egyptian Fintech, Paymob, Raises Additional $22 million in Series B Extension for MENA Expansion After 6x Growth in Egypt
The extension comes on the heels of Paymob’s sustained profitability in its primary market, Egypt. Since launching its app in 2023, Paymob has… pic.twitter.com/yItiBFOU8y
— BitKE (@BitcoinKE) September 13, 2024
This round included a $22 million extension led by:
- EBRD Venture Capital and
- PayPal Ventures
with additional participation from:
- Endeavor Catalyst
- British International Investment (BII)
- FMO
- A15
- Nclude, and
- Helios Digital Ventures (HDV)
The funds were designated to support Paymob’s regional growth and broaden its range of product offerings.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob has become a key player in the MENA fintech landscape. Initially focused on addressing the lack of digital payment options in Egypt, the company now supports over 350,000 merchants across Egypt, Pakistan, and the Gulf region – a significant rise from 100,000 merchants in 2022.
Paymob offers a comprehensive suite of services, including an omni-channel payment gateway, that supports over 50 payment methods, such as cards, wallets, BNPL, and QR codes. Additionally, the company provides value-added services like:
- Working capital loans
- Accelerated settlements, and
- Financial management tools
to empower businesses.
Paymob has experienced significant growth in the UAE. In just 14 months, transaction volumes in the UAE reached levels that took five years to achieve in home-market Egypt, demonstrating the scalability and efficiency of its business model.
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