PayTabs Sets Sights on SeaPay Acquisition in SAR35M Fintech Move

Abdelrahman Amr

Last updated 26-10-2026

3 min

PayTabs plans to buy all of SeaPay for SAR35 million, the companies disclosed.

The deal is only at the memorandum stage, signed on 22 October 2026.

It still needs due diligence, a final agreement, and regulatory "green light".

The MoU lasts six months, or until the sale contract is signed.

For now, it is "one to watch" in Saudi digital payments.

Saudi payments player PayTabs is moving to buy the whole of SeaPay Financial Services from Bahr Al Arab Information Systems in a deal valued at SAR35 million, according to a market disclosure in Saudi Arabia.

The transaction is still at the memorandum of understanding stage, but the outline is clear enough: Bahr Al Arab plans to sell its full 100% stake in SeaPay, which it wholly owns, to PayTabs Group, also referred to as Growth Makers Company. The MoU was signed on Thursday, 22 October 2026.

There is still a bit of road before the sale is done. The two sides must complete due diligence, negotiate and sign the final sale and purchase agreement, and secure the required regulatory approvals and no-objection clearances from the relevant authorities. In other words, this is not a done deal yet, even if the direction of travel looks spot on.

The MoU will stay valid for six months from the signing date, or until the final sale and purchase agreement is signed, whichever comes first. That gives both parties a defined window to work through the checks, paperwork and negotiations, which, as anyone in the startup and fintech world knows, can be a bit of a faff.

Bahr Al Arab said signing the memorandum does not create an immediate financial impact. Any financial effect will only be determined once the transaction is completed and handled in line with the applicable rules. The company also said there are no related parties involved in the agreement.

That said, the final closing remains tied to the outcome of the due diligence process, agreement on the final contract wording, and the green light from regulators. Bahr Al Arab added it would announce any material developments around the deal in due course, in line with the relevant laws and regulations.

For readers who follow MENA fintech through places like Arageek, this one stands out because it shows how payments infrastructure is still drawing attention even when the process is slow and full of formalities. I reckon that is worth watching. In this region, deals around financial services rarely move in a straight line, but when they do land, they can reshape the map very quickly. And believe it or not, sometimes the most interesting part is not the headline price, but what the buyer wants to build next.

I remember speaking with founders at regional startup events who said payments is often the first real bottleneck they hit when trying to scale across markets. So, well… deals like this matter beyond the paperwork. If PayTabs completes the acquisition, it could strengthen its position in Saudi Arabia’s digital payments space quite neatly, while Bahr Al Arab makes a clean exit from SeaPay. For now, though, the sale is definately one to watch rather than one to celebrate.

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