Paymob, a leading financial technology company operating across the Middle East, North Africa, and Pakistan, has received a retail payment services (RPS) license from the Central Bank of the United Arab Emirates (CB-UAE). The license enables Paymob to provide merchant acquisition services, payment collection, and local money transfers, marking a significant milestone in its regional expansion strategy.
“This license reflects the trust that the Central Bank of the UAE has placed in Paymob to support the UAE’s vision of a cashless and digitally connected economy,” a statement from the company stated. “We are committed to providing merchants with scalable tools that enable them to thrive in this dynamic market.”
The RPS license aligns with the UAE’s broader Digital Economy Strategy, which aims to increase the digital economy’s contribution to 20% of GDP by 2032. It also supports the Central Bank’s Fintech Strategy, designed to build a future-ready financial system. With the UAE payments market projected to grow to $27.3 billion by 2028, Paymob’s entry comes at an opportune time.
A Record-Breaking Series B
Paymob’s expansion into the UAE is underpinned by its $72 million Series B funding round, which concluded in September 2024. The round included a $22 million extension led by EBRD Venture Capital and PayPal Ventures, alongside participation from Endeavor Catalyst, British International Investment (BII), FMO, A15, Nclude, and Helios Digital Ventures (HDV). The funds have been earmarked to fuel Paymob’s regional expansion and diversify its product offerings.
Paymob plans to use the capital to deepen its footprint in key markets such as Oman, Saudi Arabia, and the UAE, while also enhancing its portfolio of omnichannel payment solutions. These include digital wallets, cards, Buy Now Pay Later (BNPL), and QR payments. Additionally, the company is introducing advanced tools for small and medium-sized businesses (SMBs), such as lending services, embedded checkout experiences, and accelerated settlements.
Since its founding in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob has grown into a cornerstone of the MENA fintech ecosystem. Originally established to address the scarcity of digital payment methods in Egypt, the company now supports over 350,000 merchants across Egypt, Pakistan, and the Gulf region. This marks a dramatic increase from the 100,000 merchants it served in 2022.
In the UAE, Paymob’s operations have scaled rapidly. Within just 14 months, transaction volumes in the UAE matched what took five years to achieve in Egypt, highlighting the scalability of its business model.
Paymob’s position as a market leader in Egypt’s fintech space has been a key factor in attracting significant investor interest. Its end-to-end payment infrastructure bridges the gap between traditional banking systems and modern business needs, offering merchants a comprehensive suite of tools to facilitate both online and offline transactions.
The company’s ability to cross-sell services — such as adding BNPL options or digital wallets for merchants already using its POS terminals — has driven a sixfold increase in revenue since mid-2022. This integrated approach has also strengthened Paymob’s profitability, particularly in its home market of Egypt.
Collaborations with major players like Shopify and Tabby have further bolstered Paymob’s ecosystem, enhancing its value proposition for merchants and creating operational efficiencies. Investors have also been drawn to the region’s rapid digital payment adoption: in Egypt, 88% of consumers have used at least one emerging payment method in the past year, while in the UAE, the figure stands at 77%.
Core Offerings
Paymob’s suite of services includes an omnichannel payment gateway that supports more than 50 payment methods, including cards, wallets, BNPL, and QR codes. The company also provides value-added services such as working capital loans, advanced settlements, and tools for financial management.
At its core, Paymob aims to advance financial inclusion across the MENA region. By offering accessible and innovative payment solutions, the company is playing a pivotal role in transitioning economies toward cashless ecosystems. This mission aligns with the strategic priorities of central banks in its core markets, particularly Egypt and the UAE, which are heavily investing in digital payment infrastructure.
As Paymob scales across the region, it continues to build on its success in Egypt, where it processed over $5 billion in transactions in 2020. While the company has not disclosed its current total payment volume, its rapid growth and profitability in core markets signal sustained momentum.
With the UAE payments market poised for significant growth and a robust ecosystem of partners and investors, Paymob’s entry into the UAE marks a strategic step forward. The company is well-positioned to capitalize on the region’s increasing demand for seamless, secure, and scalable digital payment solutions.