PayPal has allocated $100 million to expand its business in the Middle East and Africa.
The strategic investment will be utilized through a combination of minority investments, acquisitions, PayPal Ventures funding, personnel, and technology deployments, according to Alex Chriss, president and CEO.
“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,” he states.
This commitment follows the April launch of PayPal’s first regional hub in Dubai and builds on PayPal Ventures’ existing investments in several promising startups in the region, including Tabby, Paymob, and Stitch.