Saudi Arabia-based Middle East, Africa, and South Asia’s (MEASA’s) award-winning payments powerhouse PayTabs acquired Paymes. The company disclosed the acquisition on December 12, 2022. However, it did not disclose the amount of the transaction.
Paymes, launched in 2017, is Turkey’s largest social commerce platform.
Purpose of acquisition by PayTabs
With the acquisition of Paymes, PayTabs can now empower millions of freelancers, artisans, consultants, home-based business owners, personal trainers and micro vendors across the Middle East and Africa to receive instant payments.
In addition, PayTabs gets an opportunity to grow and expand its payment footprint in the Eurasian markets with futuristic market differentiators offered by the Paymes platform, such as live cashier inventory management and Paymes Reels.
On the other hand, Paymes gets to position itself as a social commerce processor in the Turkish region. Currently, the company serves more than 850,000 users across Turkey and Azerbaijan. Further, it seeks to capitalize on the market presence of PayTabs to advance digital and social payments in the MENA region.
What the PayTabs official has to say
Founder and CEO of the PayTabs Group, Abdulaziz Al Jouf, said, “Payments are a commodity, and our mission at PayTabs is to ensure that payments are easily made available to every customer segment from the super merchant or bank to a nano merchant. By acquiring Paymes, we are consolidating our position as the only payment solutions powerhouse that has a payment orchestration platform to offer payments solutions for any business size – micro or macro, across the globe.”
What the Paymes official has to say
Paymes Co-founder and PayTabs Regional Head/Operating Partner Hasan Jabbrov said, “Under the acquisition agreement, the Paymes team will expand our responsibilities to cover the many markets that PayTabs operates in throughout MENA. We will also be supporting PayTabs with our range of new social commerce products, a sector in which we have considerable experience. Exciting times ahead for webpreneurs in the region.”
Besides, Sabrican Zaim, the co-founder and CEO of Paymes, said, “By the number of merchants and know-how that we gained from social commerce, we are preparing to launch various spin-offs on specific verticals. In addition to these spin-offs, we are developing payment mechanisms through live broadcasts with reels in social commerce, which is our strongest muscle. We believe Paymes is an enabler with an accelerator effect for payment platforms and e-commerce startups. Our cooperation as a Facebook commerce partner strengthens us. We are targeting to improve the cash flows of our merchants by providing them with buy now, pay later, consumer finance and even a special Paymes Card. As the most preferred social commerce platform of the region, under PayTab’s global vision, we are targeting to serve more merchants in all continents.”
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