Riyadh - Sharikat Mubasher: PayTabs Group, a leading payment infrastructure company in MENA, signed a memorandum of understanding (MoU) to fully acquire Arab Sea Financial Company (SeaPay) from Arab Sea Information Systems Company, a move that strengthens the group’s payment infrastructure and revenue model in its largest market.
This acquisition will reinforce PayTabs Group’s position in Saudi Arabia, enabling it to better serve banks, enterprises, governments, and merchants through an integrated payments platform, the group announced in a press release yesterday.
By combining SeaPay’s acquiring capabilities with PayTabs existing payment acceptance, processing, and switching infrastructure, the transaction is expected to diversify revenue streams, improve transaction economics, and reduce dependencies.
The deal aligns with PayTabs Group's long-term strategy to pursue a potential IPO and achieve over $100 billion in annual processed payment volumes by 2030, supported by its strategic acquisitions, expanding regional footprint, and continued investment in payment infrastructure
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."
For his part, Thamer Al Luhaidan, CEO of SeaPay, affirmed that signing the MoU with PayTabs Group represents 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,” he added.
By merging SeaPay’s technical and operational capabilities with PayTabs existing payments infrastructure, the group aims to create new revenue opportunities, expand merchant services, including Super App, and support its target of serving 200,000 merchants in Saudi Arabia by 2030.
