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Wednesday, Feb 28, 2024

Egypt’s Paymob expands its footprint into Saudi Arabia

Egypt’s Paymob expands its footprint into Saudi Arabia

Saudi Arabia’s fintech sector will soon get a new player with Egyptian cashless services provider Paymob securing the Kingdom’s Payment Technical Services Provider certification.
Issued by Saudi Payments, the certificate is a crucial milestone for Paymob as it seeks to expand its services to merchants in the Kingdom.

The Kingdom’s drive toward payment digitalization is projected to surge from $675 million in 2022 to $2.6 billion by 2027, according to a recent report by payment software provider ACI Worldwide with GlobalData.

“Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our Saudi expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions,” said Islam Shawky, co-founder and CEO of Paymob, in a press statement.

Founded in 2015, Paymob has been digitizing payments for small and medium enterprises by enabling them with a comprehensive suite of payment methods.

The company’s infrastructure gives merchants access to over 40 online and in-store payment methods through a single integration on its gateway.

The foray into Saudi Arabia is crucial because of its vast opportunity for cashless payments.

In the fourth quarter of 2022, the Kingdom registered over 1.14 million microbusinesses and small and medium enterprises as it aims to increase their contribution to the gross domestic product to 35 percent by 2030.

Its thriving SME ecosystem, paired with the developments in the financial technology sector, presents a perfect opportunity for Paymob to boost its regional growth.

Moreover, e-commerce transactions in Saudi Arabia have been increasing rapidly, prompting Shawky to say: “We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia and to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030.”

The company established its first Saudi office in Riyadh last month and is “dedicated to having a strong local presence in the Kingdom,” according to the press release.

Paymob has over 200,000 merchants in the Middle East, North Africa and Pakistan. The company raised over $68.5 million in funding through investors such as PayPal Ventures and Kora Capital.

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