Riyadh-headquartered buy now pay later platform Tabby has acquired the Saudi mobile wallet Tweeq, it announced in a statement today. The financial details of the transaction were not disclosed. It is the first acquisition by Dubai-born fintech that was valued at $1.5 billion in its last financing round in 2023.
The move would allow the buy now pay later platform to offer different digital banking services in Saudi Arabia, where over 80 percent of its 14 million users are based. The company also operates in the UAE, Bahrain, Kuwait, and Qatar. It also offers a Visa card to its customers in the United Arab Emirates that allows customers to pay in four installments for their purchases wherever Visa is accepted.
Tweeq which has an EMI (Electronic Money Institute) license from the Saudi Central Bank (SAMA) offers a spending account that comes with a Mastercard Card. Its app allows users to transfer money to other mobile wallets or bank accounts in Saudi, or use the card for online or in-store transactions.
Founded in 2020 by by Saeed Albuhairi, Abdulaziz Almalki, Mohammad Fouad, Tweeq has raised over a million dollar in total financing to date, from STV and Raed Ventures, both of which were early investors in Tabby as well.
Tabby will integrate Tweeq’s team of 50+ employees into its operations. Customers will still have access to their spending accounts and cards, as Tabby plans to fold Tweeq’s solutions into its broader ecosystem.
“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,” noted a statement by Tabby.
Hosam Arab, co-founder and CEO 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.”
Saudi Technology Ventures (STV) termed the acquisition a strategic milestone for the entire Saudi fintech ecosystem, “By integrating Tweeq’s digital wallet and money management tools into its platform, Tabby is set to offer a more holistic suite of financial products beyond buy now pay later.”
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