Dubai: Saudi Arabia’s buy now, pay later company Tabby reaches an agreement to acquire digital wallet provider Tweeq, marking a significant milestone in the country’s fintech landscape.
Tweeq is an early electronic money institution in Saudi Arabia, providing an alternative to traditional banking with its digital spending account, which offers users greater financial control.
Announced at the 24 Fintech event in Riyadh, Tabby stated that Tweeq, which is licensed by the Saudi Central Bank, will operate independently post-acquisition.
The merger could lead to new collaborations that expand Tabby’s financial offerings to include digital spending accounts, cards, and money management tools, all the while adhering to local regulations.
This acquisition supports Saudi Arabia’s broader goals outlined in the National Fintech Strategy, a crucial element of Vision 2030’s Financial Sector Development Programme.
The strategy aims to establish 525 fintech companies by 2030, generating 18,000 jobs and contributing $3.5 billion (Dh12.8 billion) to the Saudi economy.
Pending regulatory approval, Tweeq’s integration into Tabby’s ecosystem is expected to enhance its services and broaden consumer access to financial tools.
This acquisition is anticipated to strengthen investor confidence in Tabby and support its plan to go public on the Saudi exchange.
