PayPal committed to investing $100 million throughout the Middle East and Africa to support innovation, entrepreneurs, and inclusive economic growth in the region. The strategic investment will be deployed through a combination of minority investments, acquisitions, funding from PayPal Ventures, and technology deployments.
The goal of the long-term investment is to help local businesses scale, create new opportunities for innovators, and expand access to the digital economy for consumers and communities across one of the world’s fastest-growing digital commerce regions.
Building on a new regional hub
The commitment follows the launch of PayPal’s first regional hub in Dubai in April. The hub was established to deliver global commerce capabilities to the region, providing businesses with frictionless payments, robust security, and greater access to international markets.
“The Middle East and Africa are home to some of the most dynamic and rapidly evolving businesses in the world,” said Alex Chriss, president and chief executive officer of PayPal. “By dedicating a $100million 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.”
Expanding existing investments in the region
The new $100million commitment also builds on existing investments made by PayPal Ventures in some of the region’s most prominent startups, including buy now, pay later provider Tabby, payment gateway Paymob, and open banking platform Stitch. The company stated that these investments highlight its role as a long-term partner in shaping the future of digital commerce in the region.
Otto Williams, senior vice president and regional head and general manager of PayPal Middle East and Africa, commented: “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.”
