Tabby, the BNPL provider in the MENA region, has announced it has entered into a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), during 24 Fintech, Saudi’s flagship fintech event.
Why it Matters? Tabby is getting closer to becoming a digital bank.
More to Know:
- Founded in 2019, Tabby started as a BNPL service provider before expanding its offering.
- Tweeq was founded in 2020 to provide a digital wallet as an alternative to traditional banking.
- Tabby said it is exploring the expansion of its financial products suite to include digital spending accounts, cards, and money management tools.
- Tweeq’s experienced team will join Tabby.
Related Comments:
- Hosam Arab, CEO and Co-Founder of Tabby, said: “Tweeq has made it its mission to meet the financial needs of Saudi Arabia by building the best mobile-first spending account. 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”.
- Saeed Albuhairi, Co-Founder and CEO of Tweeq, said: “We are looking forward to merging Tweeq’s offerings into Tabby’s ecosystem so that we can cater to the financial needs of millions of users across the GCC, providing them with an innovative alternative to traditional banking”.