PayTabs raises $20m investment for global expansion
PayTabs, a payment processing firm incorporated in Saudi
Arabia, has raised a $20 million investment to support its products and global expansion. The expansion plan extends to 20+ markets in the next two years. The investment will support PayTabs’ expansion in the MENA region, Southeast Asia, India, and several countries within Africa and Europe. Additionally, PayTabs will invest in new product developments such as digital payments to support their current and future customers. PayTabs said it will also engage in key strategic acquisitions to further expand its portfolio of products and services.
“PayTabs’ investment will be a significant contributor to local economic growth while also helping to potentially create 4000+ direct and indirect opportunities globally within the next two years,” a press release said.
Abdulaziz F. Al-Jouf, founder and CEO of PayTabs, said: “Our mission is to transform the face of financial services ... PayTabs 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. We have started operations in 2014 in the Middle East, and we aim to expand into other markets to accomplish our mission globally by offering a solution that is different from what exists in the market right now.”
PayTabs is determined to continue innovating, and to fill the regional and global Fintech gap by leveraging its massive potential.