Paytabs Raises $20M

Arabnet - The Quarterly - - Industry Stories -

In Au­gust, Saudi Ara­bia’s fin­tech com­pany Paytabs raised $20M in in­vest­ment to sup­port its plans for global ex­pan­sion to 20 mar­kets in the MENA re­gion, South­east Asia, In­dia, Africa and Europe within the next two years, in Au­gust. The com­pany also plans to in­vest in prod­uct de­vel­op­ment in ar­eas such as dig­i­tal pay­ments, and en­gage in strate­gic ac­qui­si­tions to boost its prod­uct and ser­vices port­fo­lio. More­over, the in­vest­ment aims to cre­ate over 4000 di­rect and in­di­rect job op­por­tu­ni­ties that will sup­port global eco­nomic growth. The par­tic­i­pants in the in­vest­ment round were not dis­closed. Ac­cord­ing to Ab­du­laziz F. Al Jouf, Founder and Chief Ex­ec­u­tive Of­fi­cer of Paytabs, the com­pany wants to pro­vide se­cure and flex­i­ble fi­nan­cial so­lu­tions to small and medium en­ter­prises, and large cor­po­ra­tions to help them flourish and grow their rev­enue in mul­ti­ples.

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