Paymob Raises $35M for MENA Payment Expansion
Paymob secures $35 million to boost payment coverage for small businesses across Middle East and North Africa
In brief
Paymob secures $35 million to boost payment coverage for small businesses across Middle East and North Africa Paymob uses 40 payment options to solve payment gaps for small merchants in emerging markets Originally reported by Pymnts.
New Funding Round
Paymob secured $35 million in pre-Series C funding to expand payment coverage across MENA markets.
“Its platform simplifies a traditionally fragmented payments landscape by bringing more than 60 payment methods under a single contract, API, settlement cycle and dashboard.”
MENA Market Reach
Paymob operates in Egypt, UAE, Saudi Arabia, and Oman with over 390,000 merchants.
Funding Details
The round was co-led by Mubadala and the European Bank for Reconstruction and Development.
Business Impact
Paymob tripled revenues and grew Gulf Cooperation Council business seven times in 18 months.
Founder's Goal
Paymob aims to fill payment gaps for small businesses in emerging markets with 40 payment options.
The takeaway
Paymob uses 40 payment options to solve payment gaps for small merchants in emerging markets
