PayTabs Group Signs MOU to Acquire Saudi Fintech SeaPay; Targets US$100 Billion in Annual Payments Volume
The proposed acquisition would expand the group’s Saudi operations as it targets more than US$100 billion in annual processed payments by 2030.
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PayTabs Group, a payment infrastructure company in MENA, headquartered in Saudi Arabia, has signed a Memorandum of Understanding to acquire SeaPay, a Saudi fintech company, from Arab Sea Information Systems Co., as it targets more than US$100 billion in annual processed payment volumes by 2030.
The agreement, signed October 22, 2026, and disclosed on the Saudi Exchange (Tadawul), covers the proposed acquisition of 100% of SeaPay, formally known as Arab Sea Financial Company, licensed by the Saudi Central Bank.
The proposed acquisition would combine SeaPay’s technical and operational capabilities with PayTabs’ existing payments infrastructure in Saudi Arabia. PayTabs said the deal would diversify its revenue, expand merchant services, including its Super App, and support its target of serving 200,000 merchants in the country by 2030.
“PayTabs was founded in Saudi Arabia with the ambition to build payment infrastructure for the region,” said Abdulaziz Al Jouf, founder, CEO and Chairman of PayTabs Group. “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.”
PayTabs aims to process more than US$100 billion in payments annually by 2030 through acquisitions, regional expansion and investment in payment infrastructure. The group is also considering a public listing as part of its long-term growth strategy.
“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,” Thamer Al Luhaidan, CEO of SeaPay added.
PayTabs Group, a payment infrastructure company in MENA, headquartered in Saudi Arabia, has signed a Memorandum of Understanding to acquire SeaPay, a Saudi fintech company, from Arab Sea Information Systems Co., as it targets more than US$100 billion in annual processed payment volumes by 2030.
The agreement, signed October 22, 2026, and disclosed on the Saudi Exchange (Tadawul), covers the proposed acquisition of 100% of SeaPay, formally known as Arab Sea Financial Company, licensed by the Saudi Central Bank.
The proposed acquisition would combine SeaPay’s technical and operational capabilities with PayTabs’ existing payments infrastructure in Saudi Arabia. PayTabs said the deal would diversify its revenue, expand merchant services, including its Super App, and support its target of serving 200,000 merchants in the country by 2030.
Entrepreneur Middle East Staff
Entrepreneur Staff
