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Bay Mobile secures $35M funding
Paymob, a fintech company in the Middle East and Africa, announced that it has raised $35 million in a pre-Series C funding round, led by UAE-based Mubadala and the European Bank for Reconstruction and Development. This funding comes after rapid growth in the company's operations across the Gulf, where its revenues in the Gulf Cooperation Council countries increased by approximately seven times over 18 months. Paymob is using the funds to expand its regional presence and develop products targeted at small and medium-sized enterprises, including AI-powered solutions, along with a unified platform that integrates over 60 payment methods in order to reduce complexity and enhance companies' capabilities to manage their digital operations. Currently, the region accounts for about half of the company’s total revenue, with around 20,000 merchants added since it received a payment services license from the Central Bank of the UAE in 2025.
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