Fintech PayTabs has acquired a 100 percent stake in Paymes, Türkiye’s largest social commerce platform.
Paymes will serve as PayTabs’ social commerce platform, which will help its individual customers, business owners, and micro vendors across the Middle East and North Africa region to receive instant payments over social media platforms.
The acquisition will provide an opportunity for PayTabs to grow and expand its payment footprint in the Eurasian markets.
The news of the acquisition comes just a few weeks after PayTabs acquired a 100 percent stake in Saudi Arabia’s point-of-sale tech firm Digital Pay in November for an undisclosed amount, to strengthen its online and offline payment offerings.
Founded in 2014 by Al Jouf, PayTabs is a payment solutions provider that offers a payment gateway for online stores, whereas Digital Pay, founded in 2018, offers terminals and soft point-of-sales for physical stores.
By acquiring Digital Pay, PayTabs will be able to execute its presence in both online and offline payment offerings as well as achieve its commitment to Saudi Arabia’s Vision 2030