Tabby Expands With Acquisition of Saudi Digital Wallet Tweeq
Tabby's acquisition of Tweeq enhances its financial product offerings by promoting digital financial services.
Saudi-based fintech company Tabby is set to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). This strategic move aims to broaden Tabby's range of financial services by integrating Tweeq’s digital wallet into its existing suite of products.
Founded in the UAE in 2019, Tabby has quickly become a leading buy now, pay later (BNPL) fintech, boasting an annualized transaction volume exceeding $6 billion. Meanwhile, Tweeq, founded in 2020, offers a digital spending account that enables customers to spend, send and manage their money seamlessly. By acquiring Tweeq, Tabby plans to enhance its financial product offerings, providing customers with digital spending accounts, cards and advanced money management tools.
The acquisition follows Tabby’s Series D funding round in November 2023, which raised $200 million. The funding round was led by Wellington Management and Bluepool Capital, with participation from notable investors such as STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures.
Despite the acquisition, Tweeq will continue to operate independently. However, future integration of Tweeq’s services into Tabby’s offerings may occur, subject to legal and regulatory compliance. Tweeq is recognized as one of the early electronic money institutions licensed by SAMA, offering a modern alternative to traditional banking accounts. Tabby, on the other hand, secured its BNPL permit after graduating from SAMA’s regulatory sandbox in July last year.
The completion of the acquisition is contingent upon regulatory approvals and the successful fulfillment of necessary legal and administrative procedures.
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