MENA-based Buy Now, Pay Later (BNPL) platform Tabby has announced that it entered into a definitive agreement to purchase Tweeq , with the latter being set to continue to operate independently. In a bid to explore additional opportunities to expand its financial products suite to include digital spending accounts, cards, and money management tools following laws and regulations, Tabby is set to acquire Tweed, a Saudi-based digital wallet licenced by the Saudi Central Bank (SAMA).

With its operations started in 2020, Tweeq delivers an alternative to traditional banking accounts, with the firm being amongst the early electronic money institutions licenced to operate in Saudi Arabia. The fintech also delivers a spending account that enables customers to spend, send, and manage their funds, supporting them in having more control over their finances. Tabby’s agreement to acquire Tweeq The current announcement focuses on supporting the objectives of Saudi Vision 2030, with the two companies aiming to contribute to the expansion of digital financial services.

Following the receipt of regulatory approval, Tweeq is set to collaborate with Tabby to expand its solutions within the latter’s ecosystem and consumer scale. In addition, by providing accessible savings and spending accounts, Tabby intends to contribute to building a more inclusive economy and facilitate a cashless society. When commenting on the news, representatives from Tabby mentioned that Tweeq has been focusing on meeting the financial needs of Saudi Arabia by developing a mobile-first spending account. By teaming up with Tweeq, Tabby aims to provide a new suite of financial products designed to fit the demands and requirements of customers.

Moreover, officials Tweeq underlined that the alliance allows their firm to merge its offering into Tabby’s ecosystem so that it can better serve the financial needs of users across the GCC, delivering them an alternative to traditional banking. Furthermore, Tabby’s acquisition of Tweeq solidifies the expanding maturity and potential of Saudi Arabia’s fintech landscape, showcasing the region’s financial technology sector. At the time of the announcement, the transaction was subject to undergoing regulatory approvals and the required legal and administrative proceedings. .