PayTabs raises US$20 million for global expansion

Manama : PayTabs announced it has raised US$20 million worth of investments from private funding to support the international expansion of its products and services. 

The company which established in Saudi Arabia and headquartered in Bahrain said that the move is  expected to create 4000 direct and indirect jobs internationally, to support PayTabs operations over the next two years.

PayTabs expansion plan is aimed at providing its products and financial services through advanced technology in more than 20 international markets to include; Middle East, North Africa, Southeast Asia and India, as well as several markets in Africa and Europe. PayTabs will develop new products such as digital payment solutions to support the increasing demands from its new and existing customers. Additionally, the company aims to engage with a number of strategic acquisitions to expand its products and services portfolio in the financial technology sector.

Abdulaziz Al Jouf, Founder and Chief Executive Officer of PayTabs, said:  “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. Over the past few years we have witnessed PayTabs grow from a start-up to a multinational company operating in many different markets.”

Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: “The success of PayTabs is a testament to the promising opportunities that Bahrain’s ICT and financial services sectors can provide.”