Tabby Acquires Saudi Digital Wallet Tweeq to Boost Financial Services
Tabby, the leading shopping and financial services app in the MENA region, has officially entered into a definitive agreement to acquire Tweeq, a prominent Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). This announcement came during 24 Fintech, Saudi Arabia’s premier fintech event.
Continued Independence and Future Expansion
Under the terms of the agreement, Tweeq will continue to operate independently. Tabby aims to use this acquisition to broaden its financial product range by adding digital spending accounts, cards, and money management tools, aligning with its strategy to enhance financial services while adhering to local regulations.
A Milestone for Saudi Vision 2030
Founded in 2020, Tweeq is a pioneering electronic money institution in Saudi Arabia. It offers a modern alternative to traditional banking with a user-friendly spending account that allows customers to effortlessly spend, send, and manage their money, enhancing their control over financial activities. The acquisition marks a significant milestone in realizing the ambitions of Saudi Vision 2030 by expanding digital financial services.
Partnership Aims and Objectives
Once regulatory approval is secured, Tweeq will seamlessly integrate into Tabby’s ecosystem. Consequently, this integration will significantly enhance the scope and scale of Tabby’s financial services. This partnership aims to broaden the range of accessible savings and spending accounts, contributing to a more inclusive economy and promoting a cashless society across the region. By joining forces, Tabby and Tweeq plan to offer innovative solutions that address the evolving needs of consumers.
Statements from Leadership
Hosam Arab, CEO and Co-Founder of Tabby, expressed excitement about the acquisition, stating, “Tweeq’s mobile-first spending account complements Tabby’s vision. Integrating Tweeq’s capabilities will enhance our financial products and empower customers to optimize their financial management.”
Saeed Albuhairi, Co-Founder and CEO of Tweeq, said, “We’re thrilled to merge Tweeq’s innovations with Tabby’s extensive ecosystem, enhancing our ability to offer millions in the GCC a strong alternative to traditional banking services.”
Significance for the Fintech Industry
Tabby’s acquisition of Tweeq highlights the maturation and potential of Saudi Arabia’s fintech industry. The deal underscores the expanding scope of financial technology in the region and signifies a breakthrough for the broader Middle Eastern fintech ecosystem. The transaction, however, remains subject to regulatory approvals and necessary legal and administrative processes.