Saudi-based payments startup PayTabs raises $20 Million, plans expansion in 20 new global and regional markets

Saudi-based payments startup PayTabs has raised $20 million in latest investment from unnamed investors. Founded in 2014 by Abdulaziz F. Al Jouf, the startup is currently present in 21 different regional and global markets with India being its second biggest market.

The company has more than 12,000 customers using its different products across the region and in global markets including India & Philippines.

It plans to use the investment to expand into more than 20 markets over the next two years in the MENA, Southeast Asia, India, Africa and Europe. The funds will also be used for the product development and acquisitions. It also expects to create 4,000 direct and indirect jobs in the next two years.

“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,” said Abdulaziz F. Al Jouf, Founder & CEO of PayTabs

PayTabs has earlier raised an undisclosed amount in investment from Aramco Entrepreneurship Ventures (Wa’ed) in 2014.