During 24 Fintech, the premier fintech event in Saudi Arabia, Tabby, the top shopping and financial services app in the Middle East and North Africa (MENA), revealed that it has finalized an acquisition deal to acquire Tweeq, a digital wallet licensed by the Saudi Central Bank (SAMA) and based in Saudi Arabia. Tweeq shall remain autonomous in its operations, and Tabby may consider broadening its range of financial products to encompass digital spending accounts, cards, and money management tools subject to legal and regulatory constraints in the future.
Tweeq, a 2020 startup that offers an alternative to traditional bank accounts, is among the first electronic money companies authorized to do business in Saudi Arabia. Offering a spending account that makes it simple for users to send, spend, and manage their money, Tweeq is a fintech company that gives users greater financial control.
With regard to the expansion of digital financial services, the agreement is a major step towards achieving the objectives of Saudi Vision 2030. With regulatory approval pending, Tweeq will collaborate with Tabby to grow its services inside Tabby’s ecosystem and reach more users. Tabby wants to help create a more equitable economy and encourage a cashless society by providing easily accessible savings and spending accounts.
Hosam Arab, CEO and Co-Founder of Tabby, said: “Tweeq has made it its mission to meet the financial needs of Saudi Arabia by building the best mobile-first spending account. 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.”
Saeed Albuhairi, Co-Founder and CEO of Tweeq, said: “We are looking forward to merging Tweeq’s offerings into Tabby’s ecosystem so that we can cater to the financial needs of millions of users across the GCC, providing them with an innovative alternative to traditional banking.”
In July of last year, Tabby was granted a BNPL permit after graduating from the SAMA regulatory sandbox. The deal highlights the region’s developing financial technology sector and marks a turning point for the larger Middle Eastern fintech ecosystem. It also serves as evidence of the fintech industry’s increasing maturity and potential in Saudi Arabia. The transaction is contingent upon receiving regulatory approvals and completing the necessary legal and administrative processes.
