Paymob Raises $35M Pre-Series C Led by Mubadala and EBRD as Its Gulf Business Nears Half of Revenue
Egyptian payments company Paymob has raised $35 million in a pre-Series C round co-led by Mubadala and the EBRD, as its GCC business grows toward half of group revenue.
Egyptian payments company Paymob has raised $35 million in a pre-Series C round co-led by Mubadala Investment Company and the European Bank for Reconstruction and Development (EBRD). British International Investment, Global Ventures and DPI Ventures also participated. The round was announced on September 21, 2026.
Paymob's omnichannel platform lets merchants accept online and offline payments through more than 60 payment methods in one integration. The company says it serves more than 390,000 merchants across Egypt, the UAE, Saudi Arabia and Oman. The capital will expand its digital payments acceptance business across MENA and fund products for SME merchants and agentic commerce.
The round takes Paymob's disclosed funding past $125 million, following a $50 million Series B in 2022 and a $22 million Series B extension led by EBRD in 2024. Consolidated revenue has tripled over the past 18 months, and GCC revenue has grown sevenfold. CEO Islam Shawky said the company had "morphed into a regional platform over the past 18 months, propelled by the exponential growth of our GCC business."
Paymob's story is where its revenue now comes from. Egypt was the origin, but the GCC accounts for nearly half of group revenue and grew sevenfold while the consolidated business tripled. The licence matters more than the cheque: a Central Bank of the UAE retail payment services licence, granted in January 2025, is what let Paymob add about 20,000 merchants across the GCC in the months after. Licensed presence in a second market is the step most African payments companies have not yet taken. For investors, the question is durability. Gulf growth backed by Mubadala and EBRD capital is a different risk from growth driven by local transaction economics in Egypt. The metric to watch is GCC margin, not merchant count.
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