Saudi Arabia-based PayTabs Group has signed a memorandum of understanding (MoU) to acquire 100% of SeaPay (Arab Sea Financial Company), a payments company licensed by the Saudi Central Bank (SAMA). SeaPay is currently owned by Arab Sea Information Systems Company, which is listed on the Saudi Exchange (Tadawul). The deal is valued at SAR 35 million (approximately USD 9.3 million).
Adding acquiring to PayTabs' payment stack
The MoU was signed and disclosed on the Saudi Exchange. Under the proposed transaction, PayTabs plans to combine SeaPay's acquiring capabilities with its existing payment acceptance, processing, and switching infrastructure. The group aims to use the combined platform to serve banks, enterprises, government entities, and merchants in Saudi Arabia, its largest market.
PayTabs expects the acquisition to diversify its revenue streams, improve transaction economics, and reduce its dependence on third parties. It also plans to expand merchant services, including its Super App, and is targeting 200,000 merchants in Saudi Arabia by 2030. Abdulaziz Al Jouf, Founder, CEO, and Chairman of PayTabs Group, said SeaPay is a step towards strengthening the economics of the group's Saudi business and opens opportunities to develop new financial services for businesses in the country.
Third deal for PayTabs in 2026
The MoU follows two other transactions by PayTabs in 2026. In April, the group acquired UAE-based TAPn'GO to add contactless payment technology to its Super App, and in September it agreed to acquire Amazon Payment Services' MENA operations for more than USD 100 million.
PayTabs is targeting more than USD 100 billion in annual processed payment volumes by 2030, supported by acquisitions, regional expansion, and investment in payment infrastructure. The group's long-term strategy also supports a potential public listing. Thamer Al Luhaidan, CEO of SeaPay, said the company sees the MoU as an opportunity to explore new avenues for growth in Saudi Arabia's digital payments sector and to build on SeaPay's technical and operational capabilities. As an MoU, the agreement remains subject to completing a final transaction.
