Tabby, the MENA’s biggest retail and financial services app, said at 24 Fintech, Saudi Arabia’s flagship fintech event, that it will acquire Tweeq, a Saudi Central Bank (SAMA)-licensed digital wallet.
Tweeq will remain independent, and Tabby may consider adding digital spending accounts, cards, and money management features in accordance with laws and regulations.
Tweeq is a 2020-founded electronic money organization that offers an alternative to regular banking accounts. It was among the first in Saudi Arabia to be approved to operate.
Tweeq is a fintech startup that provides users with a spending account that makes it simple to send, spend, and manage money, giving them greater financial control.
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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.”
The agreement contributes to the growth of digital financial services and is a major step towards achieving the objectives of Saudi Vision 2030. In order to grow its services within Tabby’s ecosystem and reach more consumers, Tweeq will collaborate with Tabby, subject to regulatory permission.
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.”
Tabby hopes to support the development of a cashless society and a more inclusive economy by providing easily accessible savings and spending accounts.
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In July of last year, Tabby obtained its BNPL permit and emerged victorious from the SAMA regulatory sandbox. The acquisition agreement highlights the developing financial technology sector in the region and marks a significant advancement for the larger Middle Eastern fintech ecosystem.
It also serves as evidence of the fintech industry’s maturity and potential in Saudi Arabia. The deal is contingent upon receiving the necessary legal and administrative clearances as well as regulatory approvals.
About Tabby
Tabby transforms money relationships to free individuals to shop, earn, and save. Over 14 million people use Tabby to manage their spending and save money.
About Tweeq
Tweeq, they build the best mobile-first spending account to help MENA individuals and SMEs manage their money and meet their financial demands.
