PayTabs Group, a Saudi Arabia-based payments company, completed the acquisition of a 100% stake in OGS PayLab, a Chennai, India based service provider of transaction processing services, cloud payment solutions and electronic fund transfer (EFT) Switch solutions in the globe.
The amount of the deal was not disclosed.
Led by co-founders Simon Soloman and Johnson Sasikumar, OGS PayLab further strengthens, and broadens PayTabs niche position in the fintech market. The acquisition creates an organization positioned to serve stakeholders and compete in the global marketplace. It is also expected to result in enhanced efficiencies and in increased PayTabs’ market dominance regionally by working the entire payment chain. The company operates across the USA, Europe, Middle East & Africa, and Asia-
Under the terms of the acquisition, both entities have been at the grind for a year prior, to unveil PayTabs SwitchOn – PayTabs home owned, globally validated, unified payments and transaction processing platform. After multiple launches with clients across the region, the payment card industry (PCI) certified solution includes a Switching and Authorization System, a Card and Wallet Management System, and a Merchant Management System. The architecture of PayTabs SwitchOn is designed to ensure a unique payment orchestration capability allowing clients from multiple industries and scale to maximise the benefits in just couple of weeks at a fraction of the cost. It connects the last mile payment orchestration to empower PayTabs merchants in any industry, to use the platform anywhere in the region and localizing the infrastructure in every market of the region.
In March, PayTabs received mada Payment Gateway (PG) Certification from Saudi Payments. As a home-grown Saudi Brand, securing this certification from Saudi Payments is a key milestone for PayTabs as a payment processing superpower engine with a vision to continue engineering and championing payments.
Founded by Saudi entrepreneur Abdulaziz Al Jouf, The PayTabs Group is a payments solutions company that processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and switching platforms, the company facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, a soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, the company acquired Türkiye’s social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments.
PayTabs has dedicated offices in the GCC including the UAE & Saudi Arabia and presence in many other locales including Turkey, India, and Egypt.
FinSMEs
22/05/2023