Paymob Closes $35M Pre-Series C Backed by Mubadala and EBRD as GCC Growth Nears Half of Total Revenue
Paymob Closes $35M Pre-Series C Backed by Mubadala and EBRD as GCC Growth Nears Half of Total Revenue #
Egypt-founded payments infrastructure company Paymob has raised $35 million in a pre-Series C round co-led by Abu Dhabi sovereign wealth fund Mubadala Investment Company and the European Bank for Reconstruction and Development, bringing the company’s total disclosed equity funding past $125 million.
British International Investment, Global Ventures, and DPI Ventures also participated, according to the company’s announcement. The EBRD is a returning investor, having led an extension to Paymob’s Series B in 2024. The latest round marks Mubadala’s first entry onto the company’s cap table.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob operates an omnichannel payments platform that lets businesses accept online and in-person payments across more than 60 payment methods through a single integration. The company serves more than 390,000 merchants across Egypt, the UAE, Saudi Arabia, and Oman, up from roughly 350,000 at the time of its 2024 fundraise.
The new capital will go toward scaling Paymob’s digital payments acceptance operations and building new products for SME merchants, including tools designed to support agentic commerce, a category of AI-driven automated transactions.
GCC growth is the main factor cited for the raise. Paymob reported that consolidated revenues tripled over the past 18 months, with GCC markets posting a sevenfold revenue increase in the same period and now accounting for nearly half of total group receipts. That expansion accelerated after Paymob received a Retail Payment Services Licence from the Central Bank of the UAE in January 2025, allowing it to offer direct merchant acquisition, payment aggregation, and local money transfers in the country. The company has since onboarded approximately 20,000 merchants across its three GCC markets.
The pre-Series C follows a $50 million Series B closed in 2022. Paymob said the round positions the company for a full Series C as it continues expanding across the MENA region.
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