Riyadh fintech Tweeq raises ‘seven-figure’ investment from by STV, Raed Ventures

Dubai: Tweeq, an emerging fintech platform based in Saudi Arabia, has closed a “seven-figure investment round’ that was co-led by STV and Raed Ventures.

Founded last year, Tweeq will allow users to open a spending account in “seconds” through its mobile app – and where they can immediately start receiving and making payments. Users can also monitor and manage personal spending across different categories.

The funding round looks to boost its product development for its launch in Saudi Arabia, followed by the wider MENA region. ”Tweeq is aiming to provide a better modern alternative to the traditional banking account,” said Saeed Albuhairi, co-founder and CEO at Tweeq. “We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank.”

Ahmad AlNaimi, Partner at STV, said, “As financial regulators open the doors to challengers and innovators, the region is destined to witness the same shift that swept the financial sectors in the US, Europe, China, and India. We believe that MENA will witness an even bigger shift, fueled by a younger population and increasingly progressive regulators.”