PayTabs, a Saudi Arabia-incorporated payment processing platform backed by oil and gas company Saudi Aramco, received $20m in funding from undisclosed investors yesterday.
Founded in 2014, PayTabs has created a software platform that can be integrated into the offerings of online merchants and service providers, enabling them to securely manage paid subscriptions and accept payments in almost 170 currencies.
Saudi Aramco’s Entrepreneurship Center, which is also known as Wa’ed, invested an undisclosed amount in PayTabs in 2014, partly because the company’s technology had the potential to help encourage local entrepreneurship.
The latest investment will support a growth drive as PayTabs, whose head office is located in Bahrain, looks to expand into new markets in the Middle East, Africa, Europe, Southeast Asia and India.
PayTabs also intends to put money into product development, especially on the digital payment side, and is considering expanding its range of products and services through strategic acquisitions.
Abdulaziz F. Al Jouf, founder and CEO 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.”