PayTabs, a Bahrain-based online payment startup is currently in talks with investors to raise funds to help in the expansion of its footprint and move outside the Middle Eastern.
In an interview with Accelerate SME, Abdulaziz Aljouf, CEO and founder of PayTabs, he said that they’re raising their third round of funding. He didn’t comment on the size of the new fundraising round or the time expected to close the round, but he confirmed that the deal was moving “really fast”.
Last August, the startup raised $20 million from a group of undisclosed sources. This is considered to be the largest investment for a FinTech startup that is based in the Middle East and North Africa. Wa’ed Ventures, Saudi Aramco’s venture capital arm, was one of the sole early investors in the startups and has also participated in the series B round.
Abdulaziz explains that PayTabs will be using the fresh funds to expand its outreach and its human capital, in addition to pushing its brand equity and working on a number of acquisitions.
“I think we are at a stage where we want to position the brand on a continental scale,” he said. He also adds that they’re focused on the entire continent of Asia. According to him, the Middle East is their second market while APAC (Asia-Pacific) is their main market.
The Saudi startup established in 2014 and has just set up its base in Bahrain’s FinTech Bay in May last year, is currently working on a number of acquisitions in Africa, the Middle East, and Asia, Abdulaziz mentioned. This would complement PayTab’s offering in the market and enable them to globally expand.