BNPL fintech Tabby buys Saudi digital wallet start-up Tweeq
Middle Eastern buy now, pay later (BNPL) fintech Tabby has inked a deal to acquire Tweeq, a Saudi Arabian digital wallet designed for millennials and Gen Z, for an undisclosed sum.
Tabby inks deal to acquire Tweeq
The purchase will enable Tabby to expand its product suite with digital spending accounts, cards and money management tools, while also further cementing its footprint in Saudi Arabia and the UAE, where it currently operates.
Tweeq was founded in 2020 and licenced as an e-money institution two years later by the Saudi Central Bank (SAMA). Following the acquisition, the start-up will continue to operate as an independent entity.
“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,” comments Tabby CEO and co-founder, Hosam Arab.
Founded in 2019 in the UAE and headquartered in Saudi Arabia, Tabby offers its 14 million users BNPL services to make purchases both in-store and online.
The fintech secured $250 million in a Series D funding round at the end of 2023 alongside a $700 million debt facility from JP Morgan. The company’s Series D was backed by the likes of Hassana Investment Company, Soros Capital Management and Saudi Venture Capital and was raised at a valuation of $1.5 billion.
