Middle East financial services app Tabby has entered a definitive agreement to acquire Tweeq, a Saudi digital wallet licensed by the Saudi Central Bank – SAMA. This acquisition, announced at Saudi Arabia's 24 Fintech event, is subject to regulatory approvals and is set to expand Tabby’s offerings beyond its core buy-now-pay-later (BNPL) services into more traditional banking products.

This strategic move aligns with Saudi Vision 2030’s goals of financial inclusion and reducing cash transactions, supporting the country's transition to a cashless society. With Tweeq’s integration, Tabby aims to broaden its product suite to include digital spending accounts and advanced money management tools, enhancing its mission to reshape financial services in the region.

Founded in 2020, Tweeq is among the early electronic money institutions licensed to operate in Saudi Arabia, known for providing alternatives to traditional banking through its spending account services. This acquisition represents a significant shift in Tabby’s long-term strategy, moving beyond BNPL and exploring a wider range of financial solutions.

While details on product integration are still being finalized, Tabby plans to showcase potential new offerings at the 24 Fintech event in Riyadh. This acquisition is also expected to positively impact Tabby’s risk management strategies by informing its credit underwriting capabilities. Tabby, which completed the SAMA regulatory sandbox process and obtained its BNPL permit last year, continues to expand its presence in the region’s financial services market.

This acquisition highlights ongoing developments in Saudi Arabia’s fintech sector and may signal broader trends as companies expand their services to meet evolving consumer demands.