Saudi fintech PayTabs acquires Turkey’s Paymes

PayTabs, a Middle Eastern, African, and South Asian payment provider, has announced the acquisition of Paymes, Turkey's largest social commerce platform.

The acquisition comes just weeks after PayTabs acquired Saudi Arabia's Digital Pay. Under the terms of the deal, Paymes will serve as PayTabs' social commerce platform, allowing millions of freelancers, home-based business owners, and micro vendors across the Middle East and Africa to receive instant payments.

After collaborating for over a year to launch social commerce tools in Saudi Arabia, UAE and Egypt, the founders decided that PayTabs acquiring Paymes was the next logical step in line with PayTabs mission to power the global e-commerce economy with the ultimate super payment’s platform.

Paymes, which already has a user base of over 850,000 individuals in Turkey and Azerbaijan, aims to leverage PayTabs' market presence to further advance digital and social payments in the Middle East and North Africa (MENA) region.

The acquisition is in line with PayTabs' mission to power the global e-commerce economy with a comprehensive payment platform. It will also provide an opportunity for PayTabs to expand its presence in the Eurasian market. The acquisition of PayTabs by Paymes enables the latter to establish itself as a prominent provider of social commerce processing services in the Turkish region.

Uzbekistan, Jordan, and Georgia are new markets on the horizon for the launch of Paymes in 2023.