Payment tech firm PayPal plans to invest $100 million in ventures across the Middle East and Africa, as per an official press release by the company. The firm said it will be targeting startups and investments focused on innovation and digital ecosystems.
“The Middle East and Africa are home to some of the most dynamic and rapidly evolving businesses in the world,” said CEO Alex Chriss.
“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 also said.
The MENA region is home to multiple growth-focused startups, such as Dubai’s payment plan integration Tabby and Saudi Arabia’s fintech Tamara.
Source: Google Finance
PayPal shares closed at $67.31 on Tuesday at market close.
The update follows PayPal opening a regional HQ in Dubai Internet City in April, where tech companies such as Google, Meta, and Oracle have a presence.