Tabby Acquires Tweeq to Enhance Its Digital Financial Services in Saudi Arabia
Tabby, a payment and shopping platform in the Middle East and North Africa, has announced the signing of an agreement to acquire Tweeq, a digital wallet licensed by the Saudi Central Bank (SAMA). The acquisition was announced during the 24 Fintech Conference in Riyadh, aiming to enhance Tabby’s financial product offerings by incorporating Tweeq’s digital wallet services.
Founded in the UAE in 2019 by Hosam Arab, Tabby empowers users to manage their spending through its “Buy Now, Pay Later” service. The app has gained significant popularity in Saudi Arabia, the UAE, and Kuwait. Through the acquisition of Tweeq, which was established in 2020, Tabby seeks to expand its services to include digital spending accounts, money management cards, and other financial tools to better assist customers in managing their finances.
This acquisition aligns with Saudi Arabia’s Vision 2030, which aims to enhance financial inclusion and transition towards a cashless society. It also contributes to the expansion of fintech in Saudi Arabia, further solidifying Tabby’s position as a leader in this sector.
Hosam Arab, CEO of Tabby, stated that the collaboration with Tweeq will enable the company to offer comprehensive financial solutions to users, including payment, savings, and money management. Saeed Al-Bahiri, CEO of Tweeq, expressed his eagerness to integrate Tweeq’s services into Tabby’s ecosystem to meet the financial needs of users across the Gulf region and provide innovative alternatives to traditional banking services.
It is worth noting that the deal is currently subject to regulatory approvals and the necessary legal procedures, marking a significant step forward in advancing the fintech industry in the region.
Through this acquisition, Tabby aims to expand its operations in Saudi Arabia, strengthening its position as a leading fintech company and enhancing its ability to offer innovative services that meet the needs of both local and regional markets.
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