Dubai-based mobile payments platform Beam will expand into seven new markets next year, seeking international growth in the increasingly competitive and fragmented payments sector.
"Now we've demonstrated and proven value for both the consumer and for the merchant, it's about taking to the next level and opening up into new markets," Beam co-founder Shezan Amiji told CNBC's "Capital Connection" on Wednesday.
Beam says it has amassed around 1 million users since launching in the UAE in 2012. It now plans to expand further into the Middle East and into Europe, starting operations in Belgium, the Netherlands, Luxembourg, Portugal, Ukraine, Azerbaijan and Uzbekistan in the next six months.
The firm already has a foothold in Australia and Sweden.
"There has not been a strategic direction in terms of this market or that market — these are discussions that people have come to us and said, we're interested in what you have done and why can't we work together," Amiji said.