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Egyptian AlipayThe digital payments service provider is expanding into the UAE, the company said on Wednesday.
Emirates will be the company’s ‘regional hub’, its second international market enter pakistan in April.
Islam Shawky, CEO and co-founder of Paymob, said: “The UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, thanks in large part to strong public sector support.”
Mr Shawky said that there are currently more than 400,000 businesses in the UAE, of which 61% are micro-enterprises and 38% are SMEs.
“We see a huge opportunity to serve this segment, and our goal over the next three years is to provide 15% of merchants with the latest payment technology to drive their growth and further digitize the economy,” he said.
A Magnitt report in August showed that fintech was the most funded sector in emerging venture markets in the first half of 2022, more than tripling from a year earlier to nearly $1.68 billion.
In the first half of 2022, investments in fintech startups in the MENA region reached $819 million, led by the UAE.
Paymob has raised a total of $68.5 million, including a $50 million Series B in May.
Its lead investors include Kora Capital, PayPal Ventures, Clay Point, Helios Digital Ventures, British International Investment, Global Ventures, A15, FMO and Nclude.
Omar El Gammal, vice president of global business development at Paymob, said the Cairo-based FinTech aims to become a key player in the Middle East, North Africa and Pakistan. National in April.
Founded in 2015 by Mr. Shawky, COO Alain El Hajj and CTO Mostafa Menessy, Paymob allows online and offline merchants to accept electronic payments from customers using a variety of products and solutions.
The company’s products include bank cards, mobile wallets, QR code payments, card installments, consumer finance and “buy now, pay later” products.
A year ago, Paymob partnered with Mastercard to launch contactless payments over the phone in Egypt. The company said it plans to launch the service in the UAE in 2023.
In September, Paymob signed a Dealing with Dubai BNPL platform Tabbyallowing businesses in Egypt to process Tabby’s interest-free flexible payment solutions through Paymob’s gateway.
Paymob has appointed Omar Al Haddad as General Manager of GCC, based in the UAE. He will grow and lead a team of more than 150 employees and support the Emiratisation initiative, the company said.
Mr. Al Haddad has held various senior positions in the financial services industry, including most recently as Head of Government Business Development for Mastercard in the UAE and Oman.
He is also the founder and partner of several food and health outlets such as 1762, Appetite UAE, The Climbing Goat Roastery and Live Well UAE.
Paymob has over 150,000 merchants and plans to reach 1 million SMEs in the next few years. Its app has 16.5 million registered users.
In Egypt, the company has an 87% mobile wallet market share in total transaction value.
Updated: November 2, 2022 1:52 pm
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