Founded by three undergraduates from the American University in Cairo, Paymob started as an e-commerce platform to address the significant gap in digital payment solutions. Today, Paymob has evolved into a leading payment infrastructure provider for digital wallets, offering more than 50 payment methods and supporting over 350,000 merchants across five countries in the Middle East and North Africa.
The company’s growth is fueled by the successful implementation of Ericsson’s energy-efficient software, allowing real-time network adjustments that optimize energy use, particularly during low-traffic periods. This strategic approach has not only enhanced operational efficiency but also significantly reduced radio site energy consumption by 35%, affirming Zain Bahrain’s commitment to sustainability and the Sustainable Development Goals (SDGs).
The latest funding round, a $22 million extension to its Series B, led by EBRD Venture Capital, brings the total to $72 million, underscoring investor confidence in Paymob’s potential. This investment will further Paymob’s expansion from Egypt and Pakistan into Oman, Saudi Arabia, and the UAE, a move that has already tripled its merchant base.
Paymob’s success is also evident in its product development, having launched new services like embedded checkout experiences and financial management tools for SMEs. This comprehensive approach not only enhances merchant capabilities but also improves Paymob’s profitability, particularly in Egypt where it has recently turned a profit.
As digital payment adoption accelerates in the UAE, Paymob’s strategic focus on online acceptance has led to rapid growth, matching the scale of its established Egyptian market in just 14 months. This expansion is part of a broader trend across the region, with high demand for digital payment solutions driving the fintech’s ambitious growth plans.
With ongoing investments in digital infrastructure by governments and central banks, particularly in Egypt, Paymob is well-positioned to lead the charge towards a cashless society in the MENA region, leveraging its innovative payment solutions to meet the evolving needs of a diverse merchant base.
