Egyptian fintech startup Paymob, the leading omnichannel payments facilitator in MENAP, has embarked on the next phase of its regional expansion with a launch in the United Arab Emirates (UAE).
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
Its omnichannel gateway offers more than 40 payment methods and empowers over 150,000 SME merchants to manage and scale their businesses by giving them access to financial services not readily available in emerging markets.
The startup launched in Pakistan in April, and in May announced it had raised a US$50 million Series B funding round to help it launch new products and expand into additional markets. Its next market, it now announces, is the UAE, where it will serve SMEs and microbusinesses across the seven Emirates with digital payments solutions.
“The UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, largely enabled by tremendous support from the public sector. There are currently over 400,000 businesses in the UAE, 61 per cent of which are microbusinesses and 38 per cent are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15 per cent of those merchants with the latest payment technologies to fuel their growth and further digitise the economy,” said Shawky.