Riyadh, Saudi Arabia – September 2024: Tabby, the MENA region’s leading shopping and financial services app, has announced a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). This milestone announcement was made during the 24 Fintech event, Saudi Arabia’s flagship fintech gathering.
Under the terms of the agreement, Tweeq will continue to operate independently, allowing Tabby the potential to explore expanding its suite of financial products. This may include digital spending accounts, cards, and money management tools, in strict adherence to Saudi regulations.
Founded in 2020, Tweeq stands as one of the pioneering electronic money institutions licensed in Saudi Arabia. It offers an innovative alternative to traditional banking, providing a spending account that empowers customers to manage their finances with greater control. The acquisition marks a significant step toward achieving the goals of Saudi Vision 2030, particularly in the realm of digital financial services.
Hosam Arab, CEO and Co-Founder of Tabby, commented on the acquisition: “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, expressed his enthusiasm for the partnership, stating: “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.”
The acquisition underscores the growing maturity and potential of Saudi Arabia’s fintech industry. It highlights the region’s expanding financial technology sector and represents a significant breakthrough for the broader Middle Eastern fintech ecosystem. The transaction remains subject to regulatory approvals and the completion of necessary legal and administrative proceedings.
About Tabby
Tabby is redefining financial freedom by reshaping the way people shop, earn, and save. With over 14 million users, Tabby empowers individuals to take control of their spending and maximize their financial potential.
Partnering with more than 40,000 global brands and small businesses, including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung, and Noon, Tabby leverages its technology to drive growth and foster customer loyalty through flexible payment options, both online and in-store. Active in Saudi Arabia, the UAE, and Kuwait, Tabby was recently valued at $1.5 billion in its latest funding round, backed by prominent investors such as Wellington Management, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures, Bluepool, Hassana Investment Capital, Soros Capital Management, and Saudi Venture Capital.
