PHOTO
GCC buy now pay later (BNPL) operator Tabby is set to acquire Saudi digital wallet Tweeq after an agreement signed at the kingdom’s 24 Fintech event.
Tweeq will continue to operate independently, with Tabby to explore expanding its financial products suite to include digital spending accounts, cards, and money management tools in accordance with laws and regulations, the BNPL company said in a statement.
Tweeq, founded in 2020, licensed by the Saudi Central Bank (SAMA), allows customers to spend, send and manage money using the digital wallet app.
A statement from Tabby, which operates in the UAE, Saudi Arabia and Kuwait said Tweeq will partner with Tabby, pending regulatory approval, to expand its services within Tabby’s ecosystem and consumer scale.
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.”
Tabby graduated from the SAMA regulatory sandbox and received its BNPL permit in July last 2023.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
