PayPal Invests $100M in Middle East & Africa to Boost Digital Payments
PayPal has announced a significant investment of US$100 million in the Middle East and Africa. The company aims to boost digital payment solutions, promote financial inclusion, and foster innovation in fintech across the region.
PayPal Ventures will fund the investment through minority stakes, acquisitions, and strategic deployments of people and technology. The company has already shown interest in promising startups like Tabby, Paymob, and Stitch in the region.
Alex Chriss, president and CEO of PayPal, praised the region's dynamic business environment. He stated that PayPal seeks to help local businesses scale and expand their reach beyond borders. Otto Williams, senior vice president of PayPal Middle East and Africa, plans to expand PayPal's footprint in the region. The investment aims to ensure millions of consumers and businesses can access more digital services, fuel innovation, support entrepreneurs, and drive inclusive economic growth.
With this new commitment, PayPal builds on its existing investments and partnerships in the Middle East and Africa. The US$100 million investment seeks to enhance digital payment solutions, promote financial inclusion, and support e-commerce growth over the next several years.
