Tabby has announced a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), during the 24 Fintech event. Tweeq will continue to operate independently, with potential future expansion of Tabby’s financial products to include digital spending accounts, cards, and money management tools.
“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.”
Tweeq, founded in 2020, provides a spending account that offers an alternative to traditional banking, allowing customers to manage their money with ease. The acquisition aligns with Saudi Vision 2030, aiming to expand digital financial services. Pending regulatory approval, Tweeq will integrate with Tabby to enhance its services and consumer reach.
“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,” noted Saeed Albuhairi, Co-Founder and CEO of Tweeq
Tabby, which received its BNPL permit last year, sees this acquisition as a milestone in Saudi Arabia’s fintech industry, highlighting the growth of the region’s financial technology sector. The transaction is subject to regulatory approvals and legal proceedings.
