PayTabs Signs MoU to Acquire 100% of Saudi Payments Firm SeaPay
By combining SeaPay's acquiring capabilities with PayTabs existing payment acceptance, processing and switching infrastructure, the group aims to strengthen its position in Saudi Arabia and expand its ability to serve banks, enterprises, governments and merchants through an integrated payments platform.
PayTabs Group, MENA’s award winning payment solutions powerhouse and a top 100 global fintech company announced it has signed a Memorandum of Understanding (MOU) to acquire 100% of SeaPay (Arab Sea Financial Company) from Saudi-listed Arab Sea Information Systems Company in a transaction aimed at strengthening the group’s payment infrastructure and revenue model in its largest market.
The agreement was signed on 22 October 2026 and disclosed on the Saudi Exchange (Tadawul).
By combining SeaPay’s acquiring capabilities with PayTabs existing payment acceptance, processing and switching infrastructure, the group aims to strengthen its position in Saudi Arabia and expand its ability to serve banks, enterprises, governments and merchants through an integrated payments platform.
The acquisition is expected to diversify revenue streams, improve transaction economics and reduce dependencies.
The proposed acquisition will deepen PayTabs Group’s market share and position in Saudi Arabia by merging SeaPay’s technical and operational capabilities with its existing payments infrastructure. The move is expected to create new revenue opportunities, expand merchant services including Super App, and support the group’s target of serving 200,000 merchants in Saudi Arabia by 2030, in line with the Kingdom’s ambitions for a thriving digital economy.
“PayTabs was founded in Saudi Arabia with the ambition to build payment infrastructure for the region. SeaPay represents an important step in strengthening the economics of that business in Saudi Arabia. By combining SeaPay’s capabilities, we see opportunities to increase revenue and develop new financial services for businesses operating in the Kingdom.”
– Abdulaziz Al Jouf, Founder, CEO and Chairman, PayTabs Group
PayTabs Group is targeting over USD 100 billion in annual processed payment volumes by 2030, supported by its strategic acquisitions, expanding regional footprint and continued investment in payment infrastructure. The group’s long-term growth strategy also supports its ambition to pursue a potential public listing.
“We welcome the signing of the Memorandum of Understanding with PayTabs Group and view this step as a strategic opportunity to explore new avenues for growth and expansion in Saudi Arabia’s digital payments sector. We look forward to building on SeaPay’s existing technical and operational capabilities and exploring potential opportunities to enhance our services and develop innovative payment solutions that meet the needs of merchants and businesses and contribute to improving the digital payments experience. We also believe this step may open up new opportunities for integration and knowledge sharing, supporting our future ambitions and keeping pace with the development of the Kingdom’s fintech sector, in line with Saudi Vision 2030.”
– Thamer Al Luhaidan, CEO, SeaPay
