Tabby, a leading shopping and financial services app in the MENA region, has taken a significant step in expanding its financial product offerings by acquiring Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). The announcement was made during the 24 Fintech event, Saudi Arabia’s flagship fintech event, underscoring the rapid growth and maturity of the region's fintech sector.

The Acquisition: A Strategic Move for Tabby

Founded in 2019 in the UAE by Hosam Arab, Tabby has quickly established itself as a dominant player in the fintech space, particularly in the buy now, pay later (BNPL) segment. With over $6 billion in annualized transaction volume, Tabby’s influence has extended across Saudi Arabia, the UAE, and Kuwait, partnering with major global brands such as Amazon, SHEIN, IKEA, and Samsung. The acquisition of Tweeq, which was founded in 2020 by Saeed Albuhairi and Abdulaziz Almalki, represents a strategic move to diversify Tabby’s offerings. Tweeq provides a mobile-first spending account that allows customers to spend, send, and manage their money with ease, offering an innovative alternative to traditional banking.

Tweeq’s Continued Independence and Future Prospects

Despite the acquisition, Tweeq will continue to operate independently under the leadership of its experienced team. However, the partnership opens up the potential for future collaborations between the two companies. Tabby may explore integrating Tweeq’s digital wallet capabilities into its own ecosystem, potentially offering digital spending accounts, cards, and money management tools. This strategic alignment not only enhances Tabby’s product suite but also supports the broader goals of Saudi Vision 2030 by promoting digital financial services and contributing to a cashless society.

Impact on the Saudi Fintech Landscape

The acquisition is more than just a business transaction; it is a milestone for the Saudi fintech industry. By integrating Tweeq’s innovative solutions into its ecosystem, Tabby aims to cater to the financial needs of millions of users across the GCC. This partnership highlights the growing maturity and potential of the Saudi fintech sector, positioning the region as a hub for financial innovation. The deal is still subject to regulatory approvals and other legal formalities, but its completion would represent a breakthrough for the broader Middle Eastern fintech ecosystem.

The acquisition of Tweeq by Tabby marks a significant step in the evolution of digital financial services in Saudi Arabia and the broader MENA region. By combining Tabby’s established BNPL platform with Tweeq’s innovative digital wallet, the two companies are set to create a more inclusive and advanced financial ecosystem. As the transaction moves towards finalization, pending regulatory approval, the partnership promises to bring new opportunities and innovations to the region’s fintech landscape, contributing to the realization of Saudi Vision 2030 and the promotion of a cashless society.