KEY FACT: A buy now, pay later (BNPL) fintech Tabby has acquired a Saudi Digital Wallet Start-up Tweeq, to expand its footprint in MENA Region. The Saudi Arabian digital wallet was designed for millennials and Gen Z. The financial consideration for the acquisition has not been disclosed. Tabby aims to integrate Tweeq’s digital wallet solutions into its BNPL offerings, to create a one-stop shop for customers seeking flexible payment methods and enhanced financial services.
Image Source: Tabby, Tweeq
BNPL Fintech Tabby Buys Saudi Arabian Digital Wallet Start-up Tweeq
A Dubai-based "buy now, pay later" (BNPL) fintech firm, Tabby has announced its acquisition of Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), to expand its footprint in the Middle East and North Africa (MENA) Region. The news of the acquisition was conveyed in a press release by Tabby on September 3, 2024.
Tabby, the MENA’s leading shopping and financial services app, has announced it has entered into a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA), during 24 Fintech, Saudi’s flagship fintech event.
This Tabby's strategic move is to expand its financial services portfolio, enabling it to offer more comprehensive financial solutions across the MENA region, in line with its long-term growth objectives. Despite the acquisition, Tweeq will continue to operate independently, and through future opportunities, Tabby could explore expanding its financial products suite to include digital spending accounts, cards, and money management tools per laws and regulations.
Tabby's acquisition of Tweeq comes at a time when both companies are making significant strides in digital payment innovations within the region. So far, Tabby has built a robust BNPL service platform in the MENA region, which caters to consumers who prefer installment payments for goods and services. On the other hand, Tweeq has been focused on delivering cutting-edge digital wallet solutions, offering its users a wide range of financial services like peer-to-peer payments, bill payments, and other transactional services via a user-friendly mobile app.
Presently, Saudi Arabia represents one of the fastest-growing fintech markets in the MENA region, due to its tech-savvy population and the government's initiatives to boost digital transformation. The Kingdom's Vision 2030 plan is to diversify its economy and reduce its reliance on oil. This has placed significant emphasis on innovation in the financial sector. Hence, the acquisition of Tweeq aligns with Tabby’s ambitions to establish a stronger presence in Saudi Arabia, to meet the rapidly increasing demand for digital payment solutions.
Through this purchase, Tabby aims to integrate Tweeq’s digital wallet solutions into its BNPL offerings in order to create a one-stop shop for customers seeking flexible payment methods and enhanced financial services. Leveraging Tweeq's seamless digital payment ecosystem, Tabby hopes to drive deeper engagement among its existing customer base. The acquisition is believed will help Tabby attract new users.
Image Source: Tabby
Commenting on the acquisition, Tabby's CEO and co-founder, Hosam Arab has expressed optimism, stating that Tabby will unveil new milestones in its financial services to its customers.
“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.”
On his part, Co-Founder and CEO of Tweeq, Saeed Albuhairi berates that the collaboration would provide innovative solutions, hence disrupting traditional banking in Saudi Arabia.
“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 was founded in 2019 in the UAE and has its headquarters in Saudi Arabia. The fintech offers its 14 million users BNPL services to make purchases both in-store and online.
With this acquisition, Tabby is positioning itself to be a more holistic financial platform, that offers users payment flexibility with a range of financial tools to manage their money more effectively.
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