August 23, 2017: Dhahran, Saudi Arabia – PayTabs, a Saudi Arabian payment processing
company, has raised $20 million to support its growth and expansion plans. Wa’ed Ventures,
the sole early investor in the company, also participated in the Series B round.
PayTabs plans to use the funding to grow its business in the Middle East, while expanding into
20 additional markets over the next two years in North Africa, Southeast Asia, India, Africa
and Europe. PayTabs plans also to focus on product development and potential acquisitions
that will allow the company to expand its product and service portfolio.
“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 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” said founder and CEO Abdulaziz F. Al Jouf.
Khalil Al Shafei, CEO and Managing Director of Wa’ed Ventures, stated that “PayTabs is well
on its way to becoming a leading FinTech player not only in the Middle East, but on the global
stage as the company moves into other markets.” Mr. Al Shafei also stated that “Wa’ed
Ventures invested early in this Saudi company and we look forward to seeing the company
continue to fulfill its vision.”
PayTabs is a convenient and secure online B2B payment solution provider that enables
businesses to receive payments online through our agile technology suited for the current
market. PayTabs caters to growing small and medium enterprises, large corporations and the
e-commerce market by empowering them with a range of comprehensive payment solutions.
With PayTabs, you can make or receive online payments, create and send online invoices, use
API plugins to integrate with your website and even create an online store. PayTabs’ innovative
and intuitive services open an opportunity of new possibilities to conduct and grow your
business across markets on a local and global scale.
About Wa’ed Ventures
Wa'ed Ventures is the venture capital arm of Saudi Aramco Entrepreneurship Center (Wa’ed),
established by Saudi Aramco with the vision of igniting the spirit of entrepreneurship in the
Kingdom of Saudi Arabia. Wa’ed aims to inspire entrepreneurship and innovation, and
accelerate promising opportunities by developing startups and SMEs, and investing in their
growth. Wa’ed provides entrepreneurs with business incubation, coaching and training, non-
collateral loans, business development, and venture equity and debt investment, with the aim
of promoting economic development in the Kingdom and enhancing the Saudi entrepreneurial
and innovation ecosystem.