- Tabby could explore expanding its financial products suite to include digital spending accounts, cards, and money management tools in accordance with laws and regulations.
Saudi Arabia’s fintech startup Tabby has entered into a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (Sama).
Tabby is active in Saudi Arabia, the UAE and Kuwait and was valued at over $1.5 billion in its latest funding round, which included participation from major global and regional investors. .
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.
Tweeq, founded in 2020, 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.
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. 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,” Hosam Arab, CEO and Co-Founder of Tabby, said.
Tabby graduated from the Sama regulatory sandbox and received her BNPL permit in July last year.
“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,” Saeed Albuhairi, Co-Founder and CEO of Tweeq, said.
The transaction is subject to undergoing regulatory approvals and the required legal and administrative proceedings.