Paymes, which took the social trading platform understanding to a new stage, was acquired by the payment platform PayTabs.
Fintech Paymes, which provides payment solutions for social commerce with the mission of helping merchants enter e-commerce faster, easier and safer, has been acquired by payment platform PayTabs. All shares of the venture were transferred to the Saudi Arabian-based payment platform.
It is becoming one of the fastest-growing startups in the region, operating in Turkiye and Azerbaijan and currently expanding into the GCC market. Paymes is a shopping system that allows you to sell your products and buy them securely via messaging applications, as if you were chatting with a friend.
Purchasing for PayTabs is aligned with their quest to follow merchants throughout their lifecycles to elevate their payment habits. After cooperating for over a year to launch social commerce tools in the Kingdom of Saudi Arabia, UAE and Egypt, the founders decided that PayTabs’ acquisition of Paymes was the next logical step in line with PayTabs’ mission to empower the global e-commerce economy with the ultimate super payment platform.
PayTabs aims to revolutionize online payments by providing simple and reliable payment processing solutions for merchants or individuals. PayTabs, primarily targeting SMEs, integrates online card acceptance more easily.
In line with PayTabs’ mission to empower the global e-commerce economy with the ultimate superpayment platform, it acquired Paymes. Abdulaziz Al Jouf, founder and CEO of PayTabs Group, said, “Payments are a commodity and our role at PayTabs is by acquiring Paymes, we ensure that payments are easily made to every customer segment.”
Paymes will open new social media platforms like Messenger, Facebook and Instagram for the millions of merchants who trade and sell on social media but are unable to collect their funds legitimately. The acquisition offers PayTabs the opportunity to grow and expand its payment footprint in Eurasian markets with the live cashier inventory management brought by the Paymes platform and futuristic market differentiators such as Paymes Reels.
Hasan Jabbrov, Paymes co-founder and PayTabs regional president, said, “As part of the acquisition agreement, the Paymes team will expand its responsibilities to cover many of the markets in which PayTabs operates in the Middle East and North Africa. We will also support PayTabs with our range.”
Sabrican Zaim, co-founder and CEO of Paymes, said, “With the number of workplaces and the knowledge we have gained from social trade, we are preparing to implement different spin-offs in certain sectors. In addition to these spin-offs, we are developing payment mechanisms with reels and live broadcasts, which are our strongest muscle in social commerce. We believe Paymes is an accelerator and facilitator. Facebook strengthens our cooperation as a trading partner for payment platforms and e-commerce initiatives. We aim to improve cash flows by offering buy now, pay later, consumer financing and even a special Paymes Card to our member merchants. With the global vision of PayTabs as the most preferred social commerce platform in the region, we aim to serve more member businesses on all continents.”
While the amount related to the purchase has not been shared yet, it has been announced that Paymes will continue to develop new technologies.
Source: Egirisim / Translated by Irem Yildiz