The Bahraini online payments startup, PayTabs, has raised USD 20 million in a funding round. The company, active in many countries in the Arab world, will use the fresh investment injection to expand its operations to over 20 markets in the Middle East and beyond. The will also enhance its product development in the field of digital payments.
Founded in 2014, the company is planning to open over 4,000 direct and indirect jobs during the next two years.
The PayTabs CEO Abdulaziz F. Al Jouf commented:
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.
According to a recent report by the startup community platform Magnitt, during the first six months of 2017, startups from the Middle East and North Africa managed to raise USD 140 million through 87 transactions. E-commerce was the most attractive sector for investments, followed by technology, and fintech.