Kingdom of Bahrain
PayTabs, a leading payment processing solution company established in the Kingdom of Saudi Arabia and headquartered in Bahrain, announced its success in attracting US$20 million worth of investments from private funding to support the international expansion of its products and services. The investment 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:
“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 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.”
HE 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. Over the past few years we have witnessed PayTabs grow from a start-up to a multinational company operating in many different markets. This reflects the support that Bahrain offers to investors and corporations to expand to neighbouring markets.
“We are pleased to support PayTabs on its journey and we look forward to continuing our efforts to support them in their upcoming phase of expansion as part of our key role to attract investment and create jobs in the local market.”