Turkish Fintech Startup Paymes Merges with PayTabs
Paymes and PayTabs are collaborating to empower millions of merchants in the Middle East and North Africa region with social commerce solutions.
Paymes, the payment platform with the highest number of users in Turkey, attracting attention with the investments and awards it has received, joins forces with PayTabs, the leading payment and electronic money institution of the MENA Region, which covers the Middle East and North Africa. Within the scope of the merger, Paymes Turkey office became the management center of Eurasia operations of PayTabs. It will also serve PayTabs’ offices in the MENA region with its products for social commerce under the Paymes brand, and in this direction, it will deliver its products to the entire EMEA Region. On the other hand, Statisca’s projection shows that the value of social commerce sales will reach approximately US$2.9 trillion by 2026. Post-merger Paymes and PayTabs teams will set out to launch products for PayTabs offices in 2022, with the goal of capturing the majority share of the micro-sellers’ market segment.
PayTabs, the award-winning, leading payment and electronic money organization in the MENA Region, has been providing game-changing online, mobile and social commerce payment solutions for SMEs and e-commerce businesses since its establishment. PayTabs provides services in multiple currencies with a focus on payments, securely and seamlessly. Using API plug-ins, PayTabs stands out with its B2B and e-commerce solutions that work seamlessly with “set up and run” payment features for merchants on websites or online stores. Sellers can be included in the system in real time and can start their e-commerce business within hours. PayTabs also offers digital invoicing services that allow businesses to pay using electronic invoicing, QR code and social media payment links. In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market that turns smartphones into a point-of-sale (POS) terminal.
Paymes Co-Founder Sabrican Zaim stated that they are excited to enter a global competition with the new products they will introduce to the market in Eurasia, the Middle East and North Africa regions:
As Paymes, Turkey’s and Azerbaijan’s leading payment platform in social commerce, we have joined forces with PayTabs, one of the leading payment institutions in the MENA Region. As a global brand, we are preparing to compete with all our valuable competitors in Turkey and Azerbaijan, as well as with the world’s five largest fintech companies on a global scale. With the new planning of our Eurasia operation, which will include the current Turkey office, we will activate our services in many countries. In this direction, we will work with our offices operating in the EMEA region and our colleagues from many nationalities to bring financial freedom to the whole world, regardless of institution/individual difference.
Abdulaziz Al Jouf, Founder and CEO of PayTabs said:
We interpret our merger with Paymes as a great opportunity to expand our footprints in Financial Technologies. We will shape the future of payment technologies with the global synergy we have created with Paymes. In line with our mission to help grow the e-commerce economy globally, we will facilitate digital payments for millions of businesses and merchants.
Abdulaziz Al Jouf
Paymes Co-Founder Hasan Jabbarov, who shared the details of the merger on management and team issues, also makes the following assessments:
We signed an important power union agreement with PayTabs. Within the scope of the agreement, while our managerial titles in the Paymes team will continue, our responsibilities will expand in parallel with different regions. We will assign our colleagues directly at PayTabs offices in the management of processes related to Paymes’ products. We will contribute to PayTabs with our new products in the field of social commerce, which we have experience in. In 2022, we will continue to expand our rapidly growing team in Turkey and support the entire EMEA Region with our Turkish teams in technical, sales and business development points.
Paymes Co-Founder, Şehlem Akbulut, also stated that the merger will bring an aggressive growth and made the following statements:
As Paymes, we are growing rapidly in our region, and now we will expand to the EMEA region in cooperation with PayTabs. We believe that our growth strategies in this market will accelerate us. The combination of the strengths of the two leading companies in their respective regions will significantly improve the understanding of social commerce and enable us to serve in new markets with a stronger structure. As in Turkey and Azerbaijan, we will continue to support the development of social trade in the EMEA Region with our new products, and especially support the participation of women in the family economy through social trade.