PayTabs Raises $20M Venture Funding To Revolutionize Online Payments For Small & Medium Scale Enterprises

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PayTabs is a global payment processing platform, specializing in processing payments in multiple currencies and providing a wide range of alternate payment methods. PayTabs started up in January 2014 with a mission to provide a simple and secure platform for individuals and organizations to transact across the world. Below is our interview with Abdulaziz Aljouf, CEO & Founder of PayTabs:

Q: You’ve recently announced $20 Million in venture funding; could you tell us something more?

A: Well, we are not in a position to dive into the details of this round of funding, as it was a private round of Series A funding. What we can tell you is that we would be using these funds to expand globally in the next 2 years. As a GCC start-up, it is always challenge to raise funds and convince investors about our global ambitions. Hence, we take pride in this round of funding. We have plans to engage in key strategic acquisitions to further expand our portfolio of products and services. Furthermore, we aim to create 4000+ direct and indirect jobs with our global expansion.

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Q: Where are you currently operational?

A: Our platform is currently operational in 20+ countries and we are in the midst of expanding rapidly. PayTabs aims to revolutionize online payments for Small & Medium Scale Enterprises (SMEs) who are evolving as a significant contributor of economic growth, globally. We believe in innovation and continue to strive to fill up the global Fintech gap.

Q: What makes PayTabs a good choice for businesses?

A: At PayTabs, our whole value proposition empowers a merchant to go global. When you talk about global scale, we offer 160+ currencies alternative payment methods. We are in the process of building a better checkout flow, which will offer a seamless experience. Security is very critical at PayTabs, hence we have an advanced fraud management system in place, with the highest level of PCI-DSS compliance. Apart from systems, we have a dedicated dispute resolution team along with 24 hours customer support.

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Q: Who are the primary clients of PayTabs?

A: Due to confidentiality reasons and regulations, we cannot disclose the names of our clients.

Q: What are your plans for the future?

A: On the business side, we are growing rapidly and plan to expand globally, with our existing products and solutions. In terms of expansion of our products, we are in the Research and Development phase of introducing key products such as:

• Blockchain for Payment Distribution.
• Omni Channel Payment Platform.
• Offline to Online Commerce Enablement.

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