PayTabs Raise $20M Investment
Saudi Arabia’s fintech company PayTabs has raised $20M in investment to support its plans for global expansion to 20 markets in the MENA region, Southeast Asia, India, Africa and Europe in the next two years. 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. Additionally, the investment aims to create over 4000 direct and indirect job opportunities that will support global economic growth.
Abdulaziz F. Al Jouf, founder and chief executive officer of PayTabs, stated: "Our mission is to transform the face of financial services in infinite possibilities. 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.
The participants in the investment round were not disclosed.
According to ArabNet’s State of Digital Investments in MENA report (2013-2016), more than $900M were invested in MENA last year, with more than 30 new investment institutions launched. Moreover, Saudi witnessed 30 deals last year amounting to $5M, and is home to 18% of all investors in the MENA region.