Paymob’s Fintech Play: Powering Egypt’s Cashless Economy
In a region where cash has long been king, Egyptian fintech startup Paymob is accelerating the shift toward digital payments, positioning itself as a leading force in the Middle East and North Africa’s financial revolution. By providing seamless payment infrastructure for businesses of all sizes, Paymob is helping merchants embrace a cashless future—whether through in-store terminals, mobile wallets, or e-commerce integrations.
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob has grown from a local payment processor to a cross-border fintech powerhouse. The Cairo-based startup now serves thousands of businesses, from small neighborhood stores to major corporations, ensuring they can securely accept digital transactions. Its omnichannel payment solutions integrate with global financial giants like Mastercard, Visa, and Western Union, offering a frictionless experience in markets that have historically been slow to adopt fintech innovation.
Paymob’s momentum has been fueled by significant investor confidence. In its latest Series B funding round, the company secured $50 million from global backers, including Kora Capital, PayPal Ventures, and Clay Point, marking one of the largest fintech investments in Egypt. The fresh capital is earmarked for regional expansion, with a key focus on Saudi Arabia and other Gulf markets, where digital transactions are growing exponentially.
Egypt’s fintech sector is witnessing a regulatory push towards financial inclusion, with central bank initiatives aimed at reducing cash dependency. Paymob is capitalizing on this shift by launching new services, such as merchant financing and enhanced e-commerce tools, to further empower businesses. As competition from global players intensifies, the startup’s ability to innovate and scale quickly will determine its role in shaping the future of digital payments across the region.
With consumer habits rapidly evolving and businesses eager for modern financial solutions, Paymob is on track to become a defining player in the Middle East’s fintech transformation.