PayTabs Group signs MoU to acquire SeaPay, targeting $100bln in annual payment volumes

[Riyadh, Saudi Arabia]: PayTabs Group, MENA’s award winning payment solutions powerhouse and a top 100 global fintech company today 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.

Abdulaziz Al Jouf, Founder, CEO and Chairman of PayTabs Group, said:

“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.”

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.

Thamer Al Luhaidan, CEO of SeaPay added:

“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.”

About PayTabs

PayTabs is a payments infrastructure company providing exceptional solutions that are simple, secure, and scalable to drive local commerce and power financial inclusion across the region. It was founded by Saudi entrepreneur Abdulaziz Al Jouf in 2014, with a vision to power every digital transaction in the region.

PayTabs processes transactions securely across multiple currencies and markets, providing B2B payment infrastructure spanning digital invoicing, QR codes, social media payments, point-of-sale solutions and switching platforms. Its technology powers e-commerce and social commerce for merchants, large enterprises and governments across the region.

For over a decade, PayTabs has developed and exported a comprehensive suite of payment solutions serving industries including hospitality, government, education, aviation, travel, transport and bill payments. Complementing its organic growth, the group continues to expand through strategic acquisitions, including OGS Pay, PayTabs Egypt and TAPn’GO, alongside technology investments across the region. This product-led growth strategy strengthens PayTabs’ capabilities, extends its market reach and advances its vision of building an integrated regional payments ecosystem.

In October 2024, PayTabs became the first company in the Arab world to be recognized among the Top 100 Global Fintech Companies, bringing payment technology designed and developed in Saudi Arabia to the global fintech stage.

Today, PayTabs’ AI-powered Payment Orchestration Platform enables businesses to build fully independent, branded payment platforms through highly customizable, ready-made and compliant technology. The fully managed solution covers onboarding, transaction monitoring and reporting, tailored to individual business needs. With engagement models that eliminate the need for businesses to obtain their own licences, the platform delivers greater flexibility and cost efficiencies. Complementing this, the PayTabs Consultancy Suite leverages AI-powered intelligence to turn payment data into actionable insights, driving growth and profitability across industries throughout the region.

PayTabs has dedicated offices in KSA and UAE and presence in other locales including Jordan, Kuwait and Egypt. The company is an equal opportunities employer. More milestones on: https://paytabs.com/en/

About SeaPay

Arab Sea Financial Company (SeaPay) is a Saudi fintech company established in late 2022 and licensed by the Saudi Central Bank (SAMA) for an aggregation account. Under the leadership of Mr. Thamer Al Luhaidan, CEO of SeaPay, the company has developed its business models and expanded its strategic partnerships to strengthen its position in Saudi Arabia’s digital payments sector.

SeaPay provides online payment gateway services through two business channels: direct integration with merchants and partnerships with companies that serve online payment gateway merchants. In addition, SeaPay partners with SAMA-licensed Merchant Services Providers (MSPs) offering Point-of-Sale (POS) and SoftPOS solutions, supporting their ability to serve merchants and expand their presence in the Saudi market. Through its aggregation account capabilities, technology infrastructure, and partnership ecosystem, SeaPay supports payment acceptance, collection, and settlement across online and in-person payment channels, helping merchants and payment service providers grow their businesses and contributing to the development of Saudi Arabia’s digital payments ecosystem.

For more information, please visit: www.seapay.com.sa