PayPal, a global online payments platform, has committed to investing $100 million in the Middle East and Africa over the next few years, focusing on start-ups while also making minority investments and acquisitions through its venture capital arm, PayPal Ventures.
The move comes after the company launched its first regional hub in Dubai in April, a gateway designed to bring global commerce capabilities to the region by providing businesses ranging from large enterprises to small merchants with frictionless payments, robust security, and access to international markets.
According to the business the move promotes innovation, empowers entrepreneurs, and encourages inclusive economic growth in the regions.
It builds on previous investments in some of the region's most promising start-ups, such as Tabby in the UAE, Egypt's Paymob, and Stitch in South Africa, emphasising its position as a long-term partner in defining the future of digital commerce.
Additionally, the company intends to develop technology deployments that will help local businesses scale, open up new opportunities for innovators, and bring millions more customers and communities into the digital economy.
“The Middle East and Africa are home to some of the most dynamic and rapidly evolving businesses in the world. By dedicating a $100 million investment to this region over the coming years, we’re investing in the technologies, partnerships, and solutions that will help entrepreneurs scale faster, expand their reach beyond borders, and unlock new opportunities for growth in the digital economy,” said Alex Chriss, president and CEO, PayPal.
For Otto Williams, senior vice president, regional head and general manager of PayPal Middle East and Africa, the funding is about the company's dedication to expanding presence in the regions.
He said: “This commitment underscores our dedication to expanding PayPal’s presence in the Middle East and Africa and our focus is to build stronger connections between local businesses and the global marketplace.
“We're focused on expanding our footprint in the region and ensuring millions of consumers and businesses can access more of the digital services they need to thrive.”
