PayTabs Group has signed a memorandum of understanding (MOU) to acquire full ownership of SeaPay from Arab Sea Information Systems Company, which is listed on the Saudi Exchange.
SeaPay, officially known as Arab Sea Financial Company, is licensed by the Saudi Central Bank (SAMA).
Under the proposed deal, PayTabs would add SeaPay’s acquiring services to its own payment systems.
The group plans to use the combined platform to serve banks, businesses, government bodies and merchants in Saudi Arabia.
PayTabs expects the deal to add new sources of revenue and lower the cost of handling each payment.
It would also help the group reach its goal of serving 200,000 merchants in the Kingdom by 2030.
“By combining SeaPay’s capabilities, we see opportunities to increase revenue and develop new financial services for businesses operating in the Kingdom,”
said Abdulaziz Al Jouf, Founder, CEO and Chairman at PayTabs Group.
“We also believe this step may open up new opportunities for integration and knowledge sharing, supporting our future ambitions and keeping pace with the development of the Kingdom’s fintech sector,”
said Thamer Al Luhaidan, CEO at SeaPay.
At group level, PayTabs aims to process more than US$100 billion in payments a year by 2030.
To reach this target, it plans to pursue further acquisitions, expand regionally and continue investing in payment infrastructure.
The company has said this strategy also supports a possible public listing in the future.
Featured image: Edited by Fintech News UAE, based on image by PayTabs via its website and Frolopiaton Palm via Magnific.
