PayTabs, a Saudi-based payments company focused on the Middle East, Africa and South Asia (MEASA) markets has announced the acquisition of Saudi-based point of sale (POS) provider Digital Pay, for an undisclosed sum.
- This acquisition will allow PayTabs enhance its online and offline payment capabilities and deepen its market presence and commitment to the Kingdom’s Vision 2030.
- Under the terms of the acquisition, Digital Pay will serve as PayTabs’ flagship point of sale (POS) terminal product, enabling and augmenting millions of e-commerce and retail businesses as well as physical stores, hypermarkets, and departmental stores to benefit.
- The aim is to grow the bottom line, revenue, transaction volumes, ticket sizes and the number of transactions for both firms.
- According to data from Crunchbase, Paytabs has raised $41 million and last closed a $20 million series B round in 2017.
- “Our aim is to be the foremost infinite payment platform equation that accelerates the Kingdom’s economy towards Vision 2030,” Abdulaziz Al Jouf, PayTabs founder and CEO said.