PayTabs acquires SeaPay to strengthen Saudi payments infra

By Divya Shah

Why it matters: The acquisition reflects ongoing consolidation in the payments industry as providers seek greater scale and control over payment infrastructure. It highlights growing demand for integrated acquiring, processing and merchant services, creating opportunities for FinTechs focused on embedded finance, digital commerce and payment innovation.

PayTabs Group, a payment solutions provider in MENA, signed a Memorandum of Understanding (MoU) to acquire 100% of SeaPay (Arab Sea Financial Company) from Saudi-listed Arab Sea Information Systems Company. 

 The agreement, signed on 22 October 2026 and disclosed on the Saudi Exchange (Tadawul), is part of PayTabs’ move to strengthen its payments infrastructure and expand its presence in Saudi Arabia. 

Under the proposed transaction, PayTabs plans to combine SeaPay’s acquiring capabilities with its existing payment acceptance, processing and switching infrastructure. The integration is expected to enhance the group’s ability to serve banks, enterprises, government entities and merchants through a unified payments platform. 

The acquisition is also expected to diversify PayTabs’ revenue streams, improve transaction economics and reduce operational dependencies. By integrating SeaPay’s technical and operational capabilities, PayTabs aims to deepen its market position while creating additional growth opportunities across the Kingdom’s rapidly expanding digital payments ecosystem. 

 The company said the deal would support the expansion of merchant services, including its Super App offering, and contribute to its goal of serving 200,000 merchants in Saudi Arabia by 2030. The initiative aligns with the Kingdom’s broader vision of building a thriving digital economy. 

Abdulaziz Al Jouf, Founder, CEO and Chairman of PayTabs Group, said, “By combining SeaPay’s capabilities, we see opportunities to increase revenue and develop new financial services for businesses operating in the Kingdom.” 

 PayTabs targets more than $100 billion in annual processed payment volume by 2030. The company said this growth strategy would be supported by strategic acquisitions, regional expansion and continued investments in payment infrastructure. 

Thamer Al Luhaidan, CEO of SeaPay, said, “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.” 

 If completed, the acquisition is expected to enhance digital payment capabilities in Saudi Arabia and strengthen support for businesses seeking modern payment services.