Saudi-based online payment processor PayTabs has revealed that it has raised $20 million to fund its business growth and expansion.
PayTabs plans to expand to more than 20 markets over the next two years in the Middle East and North Africa, Southeast Asia, India, Africa and Europe.
It will also use the funds for product development in areas including digital payments and engage in acquisitions to boost its product and service portfolio.
It, however, did not disclose the names of the investors.
PayTabs, which was founded in 2014 and has operations in Bahrain too, said it also expected to create more than 4,000 direct and indirect jobs over the next two years.
PayTabs, said founder and CEO Abdulaziz F Al Jouf, 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.
The Middle Eastern payments sector has rightly garnered a lot of attention the past few years. According to one report, electronic-payment transactions in the MENA region will increase to register $69 billion by 2020.
Investors, therefore, are opening up to funding payment startups in the region.
Three months ago, Turkish online payment startup Iyzico raised an additional $2 million in its Series C round of funding from technology investor Amadeus Capital Partners.
This came a month after it was announced that Iyzico had raised a $13 million in a funding round led by Vostok Emerging Finance, which is part of Vostok New Ventures, a regular investor in the region.