{"id":562058,"date":"2021-05-05T03:44:47","date_gmt":"2021-05-05T03:44:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/paymob-wants-to-set-up-shop-in-saudi\/"},"modified":"2021-05-05T03:44:47","modified_gmt":"2021-05-05T03:44:47","slug":"paymob-wants-to-set-up-shop-in-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/paymob-wants-to-set-up-shop-in-saudi\/","title":{"rendered":"Paymob wants to set up shop in Saudi"},"content":{"rendered":"

<\/a> Payment gateway Paymob is looking to roll out digital payment services in <\/strong>Saudi Arabia in the coming five years<\/strong> as part of its wider expansion plans that would see the Egyptian startup operating in two new countries through representative offices there in the near future, CEO Islam Shawky told Al Mal TV (watch, runtime: 45:05<\/a>). Shawky did not name the other country nor its regional location, but said that Paymob is applying for a license to operate in KSA. The company currently operates in Egypt, Jordan, Kenya, Pakistan, and Palestine.<\/p>\n

Egypt expansion plans:<\/strong> Paymob aims to see its volume of transactions doubling to reach USD 10 bn by the end of this year, while triple its points of sale, according to Shawky. The company also seeks to grow its domestic merchant network by tapping at least 1 mn merchants during the same period, he said.<\/p>\n

The company is armed with <\/strong>USD 18.5 mn in fresh funding<\/a><\/strong>, after closing perhaps the largest series A round in Egyptian history, led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO) last month. This is in addition to USD 3.5 mn<\/a> in funding raised in August last year. The company said then it would also use the funding to enhance its existing products, with the aim of \u201creducing digital payment bottlenecks.\u201d Paymob saw its monthly topline grow 5x in 2020 fueled by the surge in cashless transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Payment gateway Paymob is looking to roll out digital payment services in Saudi Arabia in the coming five years as part of its wider expansion plans that would see the Egyptian startup operating in two new countries through representative offices there in the near future, CEO Islam Shawky told Al Mal TV (watch, runtime: 45:05). […]<\/p>\n","protected":false},"author":1,"featured_media":562059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[1066,72,290,183,761,700,1370,219,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-a15","tag-enterpriseam","tag-financial-inclusion","tag-fintech","tag-fmo","tag-global-ventures","tag-paymob","tag-saudi-arabia","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"3a9d0412-7f8e-43b0-beee-4452d876a4f7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/39.jpg","photo_position":"above","related_issue":[562050],"teaser":"","voice_url":""},"yoast_head":"\nPaymob wants to set up shop in Saudi - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/paymob-wants-to-set-up-shop-in-saudi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paymob wants to set up shop in Saudi\" \/>\n<meta property=\"og:description\" content=\"Payment gateway Paymob is looking to roll out digital payment services in Saudi Arabia in the coming five years as part of its wider expansion plans that would see the Egyptian startup operating in two new countries through representative offices there in the near future, CEO Islam Shawky told Al Mal TV (watch, runtime: 45:05). 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Paymob raised USD 15 mn from existing investors in the second tranche of its series A led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO). Paymob\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546261,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/","url_meta":{"origin":562058,"position":2},"title":"Paymob closes USD 50 mn series B round, wants to enter GCC this year","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Paymob closes Egypt\u2019s largest ever fintech series B round: Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf) yesterday, calling it the largest round of its type for an Egyptian fintech firm. The round was led by emerging market investor Kora\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/paymob-interest-the-uae-tpay-is-streamlining-mozare3-could-team-up-with-the-ifc-to-help-local-farmers\/","url_meta":{"origin":562058,"position":3},"title":"Paymob interest the UAE, TPay is streamlining + Mozare3 could team up with the IFC to help local farmers","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"Paymob enters the UAE: Fintech startup Paymob has expanded into the UAE and made the country its regional hub, it said in a statement (pdf) yesterday. The company is looking to make a \u201csizable investment\u201d in the UAE market over the next three years, the release reads.New hub, new management:\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642562,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/16\/egyptian-startup-paymob-aims-to-promote-financial-inclusion\/","url_meta":{"origin":562058,"position":4},"title":"Egyptian startup PayMob aims to promote financial inclusion","author":"enterpriseam admin","date":"16 August 2017","format":false,"excerpt":"Egyptian startup PayMob is trying to promote financial inclusion in Egypt, Pamella De Leon writes for Entrepreneur Middle East. PayMob is an Egypt-based \u201celectronics payments solutions provider converting cash payments to electronic, using existing payment channels such as credit card, mobile wallet and cash.\u201d CTO and co-founder Mostafa Menessy says\u2026","rel":"","context":"In "ON YOUR WAY OUT"","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":613148,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/egypt-looks-to-export-additional-1-mn-workers-in-competitive-sectors-by-2030-plus-paymob-x-tamara-gasc-tender-spegyco\/","url_meta":{"origin":562058,"position":5},"title":"Egypt looks to export additional 1 mn workers in competitive sectors by 2030. 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