PayTabs Signs MOU for SeaPay, Sets US$100 Billion Volume Target for 2030
The proposed purchase of Arab Sea Financial Company would fold a central bank-licensed business into PayTabs' Saudi operations, which the group expects to serve 200,000 merchants by 2030.
PayTabs Group has signed a memorandum of understanding to acquire SeaPay, the Saudi fintech owned by Arab Sea Information Systems Co., in a proposed deal covering 100% of the company. The agreement was signed on 22 October 2026 and disclosed on the Saudi Exchange.
SeaPay trades under its formal name, Arab Sea Financial Company, and holds a licence from the Saudi Central Bank. Under the proposal, its technical and operational capabilities would be combined with PayTabs' payments infrastructure inside the Kingdom, which is the group's largest market.
The acquisition is meant to do two things at once for PayTabs: widen the merchant services it sells, the Super App among them, and diversify the revenue it draws from its home market. PayTabs is working toward more than US$100 billion in annual processed payment volume by 2030, and toward 200,000 merchants served in Saudi Arabia by the same year.
Abdulaziz Al Jouf, founder, chief executive and chairman of PayTabs Group, said the company began in Saudi Arabia with the aim of building payment infrastructure for the region. He called SeaPay an important step in strengthening the economics of the group's Saudi business, adding that combining the two companies' capabilities could lift revenue and open up new financial services for businesses in the Kingdom.
PayTabs intends to reach its 2030 volume figure through acquisitions, expansion across the region and continued investment in payment infrastructure. It is also weighing a public listing as part of a longer-term growth strategy, without giving a date.
Thamer Al Luhaidan, chief executive of SeaPay, said the company looks forward to building on the technical and operational capabilities it already holds. He said SeaPay aims to develop payment solutions that address the needs of merchants and businesses, and to improve the digital payments experience.
Regulatory standing is the scarce asset in Saudi payments. A central bank licence takes time to win and cannot be bought through hiring, so acquiring a licensed fintech delivers merchants, technology and permission to operate at once. PayTabs already runs payments infrastructure in the Kingdom; SeaPay would add a licensed base and a product set on top of it. Deals of that shape are likely to keep coming as larger players chase volume rather than build every capability themselves.
The memorandum records intent, not a completed sale. Any transfer of SeaPay out of Arab Sea Information Systems Co. still has to run its course.
