August 23, 2020: Dhahran, Saudi Arabia – PayTabs, a Saudi Arabian payment processing company, has raised $20 million to support its growth and expansion plans. Wa’ed Ventures, the sole early investor in the company, also participated in the Series B round.
PayTabs plans to use the funding to grow its business in the Middle East, while expanding into 20 additional markets over the next two years in North Africa, Southeast Asia, India, Africa and Europe. PayTabs plans also to focus on product development and potential acquisitions that will allow the company to expand its product and service portfolio.
“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. We 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” said founder and CEO Abdulaziz F. Al Jouf.
Khalil Al Shafei, CEO and Managing Director of Wa’ed Ventures, stated that “PayTabs is well on its way to becoming a leading FinTech player not only in the Middle East, but on the global stage as the company moves into other markets.” Mr. Al Shafei also stated that “Wa’ed Ventures invested early in this Saudi company and we look forward to seeing the company continue to fulfill its vision.”
PayTabs is a convenient and secure online B2B payment solution provider that enables businesses to receive payments online through our agile technology suited for the current market. PayTabs caters to growing small and medium enterprises, large corporations and the e-commerce market by empowering them with a range of comprehensive payment solutions. With PayTabs, you can make or receive online payments, create and send online invoices, use API plugins to integrate with your website and even create an online store. PayTabs’ innovative and intuitive services open an opportunity of new possibilities to conduct and grow your business across markets on a local and global scale. Website: https://www.paytabs.com/