With a debut in the United Arab Emirates, Egyptian FinTech firm Paymob, the top MENAP omnichannel payments facilitator, has started the next stage of its regional growth (UAE).
Paymob is an infrastructure technology enabler that offers payment solutions to empower digital financial service providers using mobile wallet technology. It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.
With access to more than 40 payment options and financial services that are not commonly available in emerging markets, our omnichannel gateway helps more than 150,000 SME merchants run and grow their companies.
In May, the business revealed it had secured US $50 million in a Series B fundraising round to support the introduction of new products and its expansion into other regions after launching in Pakistan in April. The UAE has been identified as its next market, where it will provide digital payment solutions to SMEs and microbusinesses throughout the seven Emirates.
“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 percent of which are microbusinesses and 38 percent are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15 percent of those merchants with the latest payment technologies to fuel their growth and further digitise the economy,” said Shawky.
