PayTabs Group signed a memorandum of understanding on October 22 to buy all of SeaPay (Arab Sea Financial Company), a Saudi payments firm licensed by the Saudi Central Bank, from Tadawul-listed Arab Sea Information Systems for SAR 35 million. Arab Sea said the price is SAR 15 million in cash plus SAR 20 million in shares of PayTabs Group’s holding company, and PayTabs has also committed to put a further SAR 10 million into SeaPay.
Why it matters: SeaPay holds a SAMA aggregation account licence and provides online gateway services to merchants and to SAMA-licensed point-of-sale and SoftPOS providers, so the purchase would add acquiring capacity to PayTabs in Saudi Arabia, its largest market. The deal still needs due diligence, a definitive sale agreement and SAMA approval, and PayTabs has set targets of 200,000 Saudi merchants and more than $100 billion in annual processed volume by 2030.
Source: PayTabs Group via Zawya, October 26, 2026; Arab Sea Information Systems, October 25, 2026; Argaam, October 26, 2026
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Image: B.alotaby, CC BY-SA 4.0, via Wikimedia Commons
