Tabby Acquires Saudi Digital Wallet Tweeq

Shopping and financial services app Tabby has announced its acquisition of Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). The agreement, revealed at Saudi Arabia’s 24 Fintech event, is subject to regulatory approval.

Tweeq, founded in 2020, offers a mobile-first spending account that provides an alternative to traditional banking, allowing users to manage their finances more effectively. Following the acquisition, Tweeq will continue to operate independently, with potential integration into Tabby’s financial products suite, including digital spending accounts and money management tools.

This acquisition aligns with Saudi Vision 2030’s goals of expanding digital financial services and fostering a cashless society. By incorporating Tweeq into its ecosystem, Tabby aims to enhance its offerings and contribute to a more inclusive economy.

Tabby CEO Hosam Arab highlighted the strategic importance of the deal, stating that it would empower customers across the GCC with innovative financial products. Tweeq CEO Saeed Albuhairi expressed enthusiasm for the partnership, emphasising the potential to reach millions of users with an alternative to traditional banking.

This transaction underscores the growing maturity of Saudi Arabia’s fintech industry and the broader expansion of financial technology in the Middle East.