Egyptian Fintech Startup Paymob Launches Operations in Saudi Arabia
Egyptian fintech startup Paymob has received certification that will allow them to operate across the kingdom.
Paymob, the leading financial services enabler in the MENA region, has made a significant stride in its expansion plans with the announcement of its Payment Technical Services Provider (PTSP) certification in Saudi Arabia. This certification solidifies Paymob's presence in the Kingdom, allowing the company to offer its seamless and secure payment gateway services to merchants across Saudi Arabia.
The move comes as Saudi Arabia is experiencing a surge in e-commerce growth, with a notable year-on-year transaction increase of 65%. The Kingdom's Vision 2030 outlines ambitious goals of increasing the contribution of small and medium enterprises (SMEs) to the GDP from 20% to 35% and achieving a 70% non-cash transaction rate by 2030. With over 1.14 million microbusinesses and SMEs in the country, Paymob is well-positioned to support their growth by providing cutting-edge fintech solutions.
“Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our KSA expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions,” Paymob’s Co-founder and CEO, Islam Shawky, tells StartupScene. “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.”
Since its establishment in 2015, Paymob has been dedicated to digitising SMEs by offering a comprehensive range of payment acceptance methods. Its omnichannel payments infrastructure empowers merchants with various online and in-store payment options through a single integration. Backed by regional and global investors such as PayPal Ventures and Global Ventures, Paymob has expanded its operations to Riyadh and aims to establish a strong local presence in Saudi Arabia.
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