"Saudi mobile wallet company Tweeq obtained by Tabby, aiming to broaden its services beyond buy now pay later plans"
Tabby Expands into Neobank Sector with Acquisition of Tweeq
Tabby, a buy now pay later platform based in Riyadh, has made its first acquisition by purchasing Saudi mobile wallet Tweeq. With over 80% of Tabby's 14 million users based in Saudi Arabia, the acquisition is a strategic move to strengthen its presence in the Kingdom.
Tweeq, which holds an EMI license from the Saudi Central Bank, offers a spending account with a Mastercard Card and an app for money transfers and transactions. The company's team of 50+ employees will be integrated into Tabby's operations, bringing valuable digital wallet capabilities to Tabby's existing buy now pay later platform.
Following the acquisition, Tabby plans to expand its services in Saudi Arabia by introducing virtual and physical Tabby Cards. This move effectively enters Tabby into the neobank sector, offering a more comprehensive digital wallet experience in addition to its established buy now pay later offerings.
Tabby's service portfolio post-acquisition includes:
- Buy Now Pay Later (BNPL) with interest-free installment payments, typically the "Pay in 4" model that splits purchases into four equal payments without hidden fees or interest, fully compliant with Shariah finance principles.
- Virtual and physical Tabby Cards, allowing users to pay flexibly both online and at physical stores, broadening payment options and user convenience.
- Tabby Plus subscription service, offering extended repayment windows and exclusive promotions to subscribers.
- Tabby Shop, a curated marketplace with over 2 million products, which acts as both a deal discovery platform and a checkout solution integrated with Tabby's payment methods.
- Tabby Care, a buyer-protection guarantee program reimbursing users for faulty or undelivered items, enhancing consumer trust and safety.
These expanded offerings leverage Tweeq’s digital wallet capabilities to complement Tabby’s existing BNPL platform, positioning Tabby as a key digital finance player and neobank in Saudi Arabia. The acquisition is part of Tabby's broader strategy to lead the digital payment transformation in the Kingdom, given that 80% of Tabby’s current transaction volume already comes from Saudi Arabia.
Saeed Albuhairi, the co-founder and CEO of Tweeq, expressed excitement about merging Tweeq's offerings into Tabby's ecosystem to cater to the financial needs of millions of users across the GCC. Saudi Technology Ventures (STV) considered the acquisition a strategic milestone for the entire Saudi fintech ecosystem, stating that Tabby's integration of Tweeq's digital wallet and money management tools will offer a more holistic suite of financial products beyond buy now pay later.
Tabby aims to contribute to building a more inclusive economy and promoting a cashless society by offering accessible savings and spending accounts. The company also plans to provide an innovative alternative to traditional banking by offering a more holistic suite of financial products, following the integration of Tweeq's digital wallet and money management tools.
References: [1] Tabby. (n.d.). Retrieved from https://www.tabby.com/ [2] Al-Said, M. (2023, March 13). Tabby acquires Tweeq to enter neobank sector in Saudi Arabia. Arab News. Retrieved from https://www.arabnews.com/node/1956286/business-economy [3] Tabby. (2023, March 13). Tabby's Shariah-compliant BNPL solution. Retrieved from https://www.tabby.com/shariah-compliant-bnpl/
Read also:
- Autonomous Model Y Electric Vehicles, Helmed by Elon Musk, poised to Transform Bay Area's Ride-Hailing Market with over 100 Units
- Revamped TIGGO 4 by Chery UAE debuts with enhanced aesthetics and safety features
- Streamlined Methods for Sharing Digital Files Among Corporate Entities
- Financial results for Q1FY26 announced by Blue Dart, indicating sales reaching a significant milestone of Rs. 1,442 Crore.
