UAE-based buy now, pay later player Tabby is to acquire Saudi digital wallet Tweeq, expanding its product suite to offer customers spending accounts with money management tools.
Tweeq, founded in 2020, is one of the early electronic money institutions licensed to operate in Saudi Arabia, providing an alternative to traditional banking accounts.
The proposed acquisition by Tabby follows a financing round in December which saw the firm secure $700 million in debt financing from JPMorgan and extend its series D round to $250 million.
Hosam Arab, CEO and co-founder of Tabby, says: “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 last year. The firm, which is valued at $1.5 billion, now claims 14 million users and relationships with over 40,000 global brands and small businesses.