PayTabs Group acquires majority stake in PayTabs Egypt

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  • Acquisition Details: PayTabs Group has acquired a 51% stake in PayTabs Egypt from EFG Finance, aligning with its strategic growth objectives in the region.

  • Strategic Focus: The deal aims to enhance digital transformation and financial inclusion in Egypt, positioning PayTabs to better support local merchants and consumers.

  • Leadership Statements: PayTabs CEO Abdulaziz Al Jouf emphasized the company’s commitment to Egypt’s digital payments market and the intention to improve operations and customer offerings.

  • EFG Finance’s Perspective: EFG Finance CEO Aladdin El-Afifi noted that reallocating resources from non-core assets will bolster sustainable growth and innovation in priority areas.

Source: Zawya

PayTabs Group has acquired a 51% stake in PayTabs Egypt from EFG Finance, an EFG Holding company, according to a recent press release

The transaction aligns with the group’s long-term strategy to bolster digital transformation and financial inclusion across Egypt.

Through this acquisition, PayTabs will foster its position in Egypt and beyond, creating more opportunities for merchants to expand their businesses and for consumers to experience secure and seamless payment solutions.

Abdulaziz Al Jouf, CEO and Founder of the PayTabs Group, said: “We remain deeply committed to Egypt’s digital payments future, and our focus on innovation and customer-centricity will only grow stronger.”

“This transition allows us to streamline our operations and further enhance the value we offer to local businesses, government initiatives, and consumers,” Al Jouf mentioned.

Aladdin El-Afifi, CEO of EFG Finance, commented: “By reallocating resources from non-core assets, we enhance our ability to drive sustainable growth and innovation in key areas. This decision aligns with our long-term strategic objectives and commitment to delivering value to our stakeholders.”

Here’s the information extracted from the given text:

Funds

  • PayTabs Group

Investors

  • EFG Finance (part of EFG Holding)

Startups

  • PayTabs Egypt
  • PayTabs Group (parent company)

Founders

  • PayTabs Group: Abdulaziz Al Jouf (CEO and Founder)
  • EFG Finance: Aladdin El-Afifi (CEO)

Fundraise Series

  • The acquisition is characterized as PayTabs Group acquiring a 51% stake in PayTabs Egypt, but specific fundraise series details (like Series A, B, etc.) are not provided in the text.

This transaction represents PayTabs’ commitment to enhancing their operations in Egypt, focusing on digital payments and financial inclusion.

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