Tabby, a financial services app operational in the Middle East and North Africa (MENA) region, has entered into a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA).
Post acquisition, Tweeq will continue to operate independently, and through future opportunities, Tabby could explore expanding its financial products suite to include digital spending accounts, cards, and money management tools in accordance with laws and regulations. Founded in 2020, Tweeq is one of the early electronic money institutions licensed to operate in Saudi Arabia, providing an alternative to traditional banking accounts. As a fintech company, Tweeq offers a spending account that allows customers to spend, send, and manage their money with ease, giving them more control over their finances.
Tabby noted that the agreement is a “significant step” towards realising the goals of Saudi Vision 2030, contributing to the expansion of digital financial services. Tweeq will partner with Tabby, pending regulatory approval, to expand its services within Tabby’s ecosystem and consumer scale. By offering accessible savings and spending accounts, Tabby aims to contribute to building a more inclusive economy and promoting a cashless society.
“Tweeq has made it its mission to meet the financial needs of Saudi Arabia by building the best mobile-first spending account,” said Hosam Arab, CEO and co-founder of Tabby. “With Tweeq joining forces with Tabby, we will unlock a whole new suite of financial products designed to empower our customers to do even more with their money when they spend, send or save.”
Founded in 2019 and headquartered in Riyadh, Saudi Arabia, Tabby claims over 40,000 global brands and small businesses use its technology to accelerate growth and gain customers by offering flexible payments online and in stores. The fintech firm is active in Saudi Arabia, UAE, and Kuwait, and is valued at $1.5 billion in its last round of funding.
