Egypt-based payments company Paymob has raised $35 million in a pre-Series C funding round, giving the fintech fresh capital to expand its payments business across the Middle East and North Africa and develop additional products for small and medium-sized merchants.

The round was co-led by Mubadala and the European Bank for Reconstruction and Development, or EBRD, which had previously backed Paymob. British International Investment and Global Ventures also returned as investors, while DPI Ventures joined the company as a new shareholder.

The funding comes at a stage when Paymob says it is serving more than 390,000 businesses. The company has added over 20,000 clients since January last year, a detail that offers a clearer picture of the operating scale behind its latest fundraising.

Paymob plans deeper expansion across MENA

Paymob intends to use the new capital to grow its core digital payment acceptance business across the MENA region.

Its plans are not limited to expanding the existing payments operation. The company also expects to introduce new products designed for SME merchants, while developing offerings that cater to what it describes as “agentic commerce.”

Paymob already holds licences in Egypt, Saudi Arabia, the UAE, Oman and Pakistan, giving the company an operating presence across several markets as it prepares for the next stage of growth.

From payment acceptance to a broader merchant platform

Founded in 2015, Paymob was established by CEO Islam Shawky, chief operating officer Alain El-Hajj and chief technology officer Mostafa Menessy.

The company has built its business around merchants, providing both online and offline payment acceptance services along with financial management tools. That combination places payment processing at the centre of its offering while allowing merchants to use Paymob for a wider range of business functions.

The latest funding suggests that this merchant-focused model will remain central to Paymob’s next phase. Rather than describing the round simply as geographic expansion capital, the company has specifically linked the investment to both payment acceptance and new products tailored to SMEs.

First funding round since 2024

The $35 million pre-Series C is Paymob’s first fundraising since September 2024, when it secured a $22 million extension to its Series B round.

That extension took the company’s total Series B financing to $72 million.

Paymob’s broader investor base includes PayPal Ventures, Kora Capital, Clay Point Capital, FMO, A15 and Helios Digital Ventures. The latest transaction adds DPI Ventures to that list while bringing back several existing investors for another round.

For Paymob, the next chapter is therefore built around two clearly stated priorities: extending its digital payments business across MENA and widening the range of products available to the merchants already using its platform.

With more than 390,000 businesses on the platform and more than 20,000 added since January last year, the company’s newest funding round arrives with an established merchant base behind its expansion plans.

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