PayTabs strikes $100 million+ deal for Amazon Payment Services MENA
Saudi Arabia-based fintech PayTabs Group has agreed to acquire Amazon Payment Services’ operations in the Middle East and North Africa in a transaction valued at more than $100 million. Founded in 2014 by Abdulaziz Fahad Al-Jouf, PayTabs provides payment infrastructure spanning payment processing, transaction switching and payouts. The acquisition is expected to significantly expand its scale and…
Saudi fintech firm PayTabs Group has finalized a transaction to acquire Amazon Payment Services' operations in the Middle East and North Africa for over $100 million. Established in 2014 by Abdulaziz Fahad Al-Jouf, PayTabs provides comprehensive payment infrastructure, including processing, switching, and payouts. This acquisition is projected to substantially augment its regional presence and capabilities.
Amazon Payment Services, previously known as PayFort, functions across nine MENA markets and caters to more than 3,500 businesses, facilitating transactions through global card networks and local methods like Mada, Knet, and Meeza. Upon completion, the merged entity is anticipated to handle over SAR150 billion ($40 billion) in transactions annually.
This partnership aims to consolidate the fragmented payments landscape in the region, leveraging PayTabs' infrastructure and expertise to strengthen its position. Both entities have confirmed the deal, valued at more than $100 million, with the goal of seamless integration and enhanced regulatory compliance.
Written by urgent.news from Wamda's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
