PayTabs Group has signed a memorandum of understanding to acquire 100 per cent of Saudi Arabia’s SeaPay, a move aimed at strengthening its payment infrastructure, diversifying revenue and expanding its reach in the Kingdom’s digital payments market.
The agreement, signed on October 22, 2026, involves the proposed acquisition of SeaPay, also known as Arab Sea Financial Company, from Saudi-listed Arab Sea Information Systems Company. The companies disclosed the agreement on the Saudi Exchange, Tadawul.
The proposed deal would bring SeaPay’s payment-acquiring capabilities into PayTabs’ existing payment acceptance, processing and switching infrastructure, creating a broader platform for serving banks, large businesses, government institutions and merchants.
For PayTabs, the transaction represents more than an expansion of its operations. It could give the fintech company greater control over its payment infrastructure in Saudi Arabia, potentially improving transaction economics while creating additional sources of revenue.
The company expects the acquisition to strengthen its market position and support the development of additional merchant services, including its Super App offering.
PayTabs also aims to serve 200,000 merchants in Saudi Arabia by 2030, aligning its expansion strategy with the Kingdom’s drive to grow its digital economy under Saudi Vision 2030.
Commenting on the proposed acquisition, PayTabs Group founder, chief executive officer and chairman, Abdulaziz Al Jouf, said the transaction would strengthen the economics of the company’s Saudi operations and create opportunities to develop additional financial services.
“PayTabs was founded in Saudi Arabia with the ambition to build payment infrastructure for the region,” Al Jouf said.
He added that combining SeaPay’s capabilities with PayTabs’ existing operations could help the company increase revenue and develop new services for businesses in the Kingdom.
SeaPay chief executive officer, Thamer Al Luhaidan, described the agreement as an opportunity to explore further growth in Saudi Arabia’s digital payments market.
Al Luhaidan said the proposed transaction could help the companies build on SeaPay’s technical and operational capabilities, improve services for merchants and develop payment solutions that meet changing business needs.
He also pointed to opportunities for integration and knowledge-sharing as Saudi Arabia’s fintech industry continues to develop.
Saudi fintech competition
The proposed acquisition comes as digital payments become increasingly important to Saudi Arabia’s economic diversification agenda. As businesses and consumers adopt electronic payment channels, payment providers face growing pressure to offer reliable infrastructure, broader merchant services and solutions that can support higher transaction volumes.
For PayTabs, integrating SeaPay could strengthen its ability to compete for merchants and institutional clients. However, the transaction’s eventual impact will depend on its completion, the integration of the companies’ operations and their ability to translate a larger infrastructure base into sustainable revenue growth.
The proposed deal also highlights the growing importance of payment infrastructure ownership in the fintech sector, where companies seek to expand beyond basic payment acceptance into processing, acquiring and other financial services.
PayTabs is targeting more than $100bn in annual processed payment volumes by 2030. The group plans to support this ambition through acquisitions, regional expansion and continued investment in payment infrastructure.
Its long-term strategy also includes the ambition to pursue a potential public listing.
The proposed SeaPay acquisition could therefore serve as part of a broader effort to strengthen PayTabs’ operations ahead of its next stage of growth. However, the memorandum of understanding does not, by itself, confirm that the acquisition has been completed.
