Tabby Acquires Saudi Mobile Wallet Tweeq, Marking First Acquisition for the $1.5B Fintech

Riyadh-headquartered "buy now, pay later" (BNPL) platform Tabby has announced its acquisition of Saudi mobile wallet Tweeq. While the financial details of the deal remain undisclosed, this marks the first acquisition for the Dubai-born fintech, which was valued at $1.5 billion in its last funding round in 2023.

This strategic move will enable Tabby to expand its digital banking services in Saudi Arabia, where over 80 percent of its 14 million users are based. Tabby, which also operates in the UAE, Bahrain, Kuwait, and Qatar, currently offers a Visa card in the UAE, allowing customers to split payments into four installments at any location that accepts Visa.

Tweeq, licensed as an Electronic Money Institute (EMI) by the Saudi Central Bank (SAMA), provides users with a spending account and a Mastercard. Its app enables money transfers to other mobile wallets or bank accounts within Saudi Arabia and supports both online and in-store transactions.

Founded in 2020 by Saeed Albuhairi, Abdulaziz Almalki, and Mohammad Fouad, Tweeq has raised over $1 million in financing, backed by STV and Raed Ventures—both early investors in Tabby.

Tabby plans to integrate Tweeq’s team of more than 50 employees into its operations, ensuring that existing customers retain access to their spending accounts and cards. Tweeq’s solutions will be incorporated into Tabby’s broader ecosystem, enhancing its service offerings.

In a statement, Tabby highlighted that the acquisition, pending regulatory approval, will allow the company to broaden its services and consumer reach. “By offering accessible savings and spending accounts, Tabby aims to contribute to building a more inclusive economy and promoting a cashless society,” the company noted.

Hosam Arab, co-founder and CEO of Tabby, commented, “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.”

Tweeq’s co-founder and CEO, Saeed Albuhairi, expressed enthusiasm for the merger, stating, “We are looking forward to integrating Tweeq’s offerings into Tabby’s ecosystem to better serve the financial needs of millions across the GCC, providing an innovative alternative to traditional banking.”

Saudi Technology Ventures (STV) hailed the acquisition as a significant milestone for the Saudi fintech ecosystem, noting that the integration of Tweeq’s digital wallet and money management tools will enable Tabby to offer a more comprehensive suite of financial products beyond BNPL.

SOURCE: AGENCIES