Tabby to Acquire Saudi Fintech Tweeq
Tabby, which received its BNPL permit from SAMA in July 2023, plans to integrate Tweeq’s services into its ecosystem, pending regulatory approval.
Tabby, the shopping and financial services app in MENA, has announced its intention to acquire Tweeq, a Saudi digital wallet licensed by the Saudi Central Bank (SAMA). The agreement was made during the 24 Fintech event in Saudi Arabia.[1]
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Tweeq, founded in 2020, will continue to operate independently following the acquisition. Tabby may explore expanding its financial product offerings to include digital spending accounts, cards, and money management tools, in compliance with regulations.
Tweeq provides a spending account that enables customers to manage and control their finances easily. The acquisition supports Saudi Vision 2030 by advancing digital financial services and promoting a cashless economy.
Tabby, which received its BNPL permit from SAMA in July 2023, plans to integrate Tweeq’s services into its ecosystem, pending regulatory approval.
Founded in 2019 in the UAE by Hosam Arab, Tabby specializes in buy now, pay later (BNPL) services and has an annual transaction volume exceeding $6 billion. Tweeq, established in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers digital wallet services.
In November 2023, Tabby raised $200 million in its Series D funding round, achieving a valuation of $1.5 billion.
This is coming less than a year after Tabby’s $58 mn Series C round led by Sequoia Capital India and STV, both of whom participated in this recent unicorn round.