UAE-based buy now, pay later company Tabby is set to acquire Saudi digital wallet Tweeq, broadening its offerings to include spending accounts equipped with money management tools.
Tweeq, established in 2020, is among the first electronic money institutions licensed to operate in Saudi Arabia, providing an alternative to traditional banking solutions.
This acquisition follows Tabby’s recent financing round in December, where the firm secured $700 million in debt financing from JPMorgan and extended its series D funding to $250 million.
Hosam Arab, CEO and co-founder of Tabby, stated: “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.”
Tabby graduated from the SAMA regulatory sandbox and received its BNPL permit in July of last year. Currently valued at $1.5 billion, the firm boasts 14 million users and partnerships with over 40,000 global brands and small businesses.