Tabby, the MENA’s leading shopping and financial services app, has signed a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA).
The agreement was revealed during 24 Fintech, Saudi’s leading fintech event. Tweeq will remain independent, while Tabby will explore future opportunities to expand its financial products to include digital spending accounts, cards, and money management tools, in accordance with laws and regulations.
Tweeq, established in 2020, is one of the early electronic money institutions licensed to operate in Saudi Arabia, providing an alternative to conventional banking accounts. As a fintech company, Tweeq offers a convenient spending account that allows customers to seamlessly manage their money, which includes spending, sending, and tracking their money, ensuring them full control over their financial lives.
The agreement also aligns with the goals of Saudi Vision 2030 to diversify digital financial services. Subject to regulatory approval, Tweeq will partner with Tabby to expand its services within Tabby’s ecosystem and consumer scale. Tabby seeks to drive a more inclusive economy and promote a cashless society by offering accessible savings and spending accounts.
Hosam Arab CEO and Co-Founder – Tabby
“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, stated that, “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 secured its BNPL permit in July last year. The agreement highlights the growing maturity and potential of Saudi Arabia’s fintech industry, also marking a key milestone for the wider Middle Eastern fintech ecosystem. The transaction remains subject to regulatory approvals and the required legal and administrative proceedings.
