Tabby, the MENA’s shopping and financial services app, has announced it has entered into a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), during 24 Fintech, Saudi’s flagship fintech event.
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 realizing 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.”
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.”
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 graduated from the SAMA regulatory sandbox and “received its BNPL permit in July last year.”
The acquisition agreement reinforces the “growing maturity and potential of Saudi Arabia’s fintech industry, spotlighting the region’s expanding financial technology sector and representing a breakthrough for the broader Middle Eastern fintech ecosystem.”
The transaction is subject to “undergoing regulatory approvals and the required legal and administrative proceedings.”
Customers can continue to use their Tweeq card and spending account as they are used to, while Tabby aims to integrate Tweeq’s solutions into its own ecosystem.
Tweeq’s experienced team will be integrated with Tabby’s.
Tabby creates financial freedom in the “way people shop, earn and save by reshaping their relationship with money.”
Over 14 million users choose Tabby to “stay in control of their spending and make the most out of their money.”
Over 40,000 global brands and small businesses, “including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon use Tabby’s technology to accelerate growth and gain loyal customers by offering flexible payments online and in stores.”
Tabby is active in Saudi Arabia, UAE, and Kuwait, and is “now valued at $1.5 billion in its last round of funding from Wellington Management, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures, Bluepool, Hassana Investment Capital, Soros Capital Management and Saudi Venture Capital.”
