- Acquisition Announcement: Tabby, a Middle Eastern buy now, pay later (BNPL) fintech, has acquired Tweeq, a Saudi Arabian digital wallet designed for millennials and Gen Z, for an undisclosed amount.
- Expansion of Product Offerings: The acquisition allows Tabby to expand its product suite to include digital spending accounts, cards, and money management tools.
- Market Expansion: The deal strengthens Tabby’s presence in Saudi Arabia and the UAE, where it currently operates.
- Tweeq’s Background: Tweeq, founded in 2020, is licensed as an e-money institution by the Saudi Central Bank (SAMA) and will continue to operate independently after the acquisition.
- CEO Statement: Hosam Arab, CEO and co-founder of Tabby, highlighted that the partnership with Tweeq will enable the launch of a new range of financial products, enhancing customer capabilities for spending, sending, and saving money.
- Tabby’s Growth and Funding: Founded in 2019 and headquartered in Saudi Arabia, Tabby serves 14 million users with BNPL services. It recently raised $250 million in a Series D funding round and secured a $700 million debt facility from JP Morgan, achieving a valuation of $1.5 billion. The funding round included investors like Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital.
