Tabby Acquires Tweeq

Tabby, a payment services company, has announced its acquisition of the Tweeq app, which offers a digital wallet and was one of the first apps licensed for this purpose by the Saudi Arabian Monetary Authority (SAMA). The details of the transaction were not disclosed during their participation in the FinTech24 exhibition in Riyadh.

Tweeq, founded in 2020, provides a digital wallet as an alternative to traditional bank accounts, allowing users to send and manage money using a dedicated spending account.

Tabby, established in 2019 to offer buy-now-pay-later services, is valued at over $1.5 billion according to its latest valuation. This acquisition will help Tabby expand its services to include digital wallets, spending accounts, and payment cards for its customers.