PayTabs signs SAR 35M MoU to acquire Saudi payment gateway SeaPay

RIYADH — PayTabs Group has signed a SAR 35 million (about $9.3 million) memorandum of understanding to acquire 100 percent of SeaPay, the Saudi B2B payment gateway licensed by the central bank.

The MoU, disclosed by SeaPay's Tadawul-listed seller Arab Sea Information Systems, is valid for six months and remains subject to due diligence and regulatory approval. It is a signed intention, not a closed deal.

SeaPay, established in late 2022 under CEO Thamer Al Luhaidan, gives PayTabs a regulated B2B rail inside its home market. PayTabs, founded by Abdulaziz Al Jouf in 2014, says it is targeting 200,000 Saudi merchants and $100 billion in annual payment volumes by 2030.

The pattern matters more than the price. Paymes in 2022, OGS PayLab, TAPn'GO, the Amazon Payment Services North Africa operations, and now SeaPay: PayTabs is rolling up regional payments piece by piece, and it has said it wants to list publicly.

Expect the due diligence to close well inside the six-month window. The next tell is whether the SAR 35 million is cash, stock or a mix. That answer will say how close the IPO really is.

Zawya first reported the disclosure.