Tabby, a UAE-based BNPL platform, has entered a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank, for an undisclosed sum.

Founded in 2020, Tweeq is a digital wallet with an electronic money institution licensed to operate in Saudi Arabia. It offers a spending account that allows customers to spend, transfer, and manage their money.

Following the acquisition, Tweeq will continue to operate independently while partnering with Tabby to expand its services within Tabby's ecosystem. It will allow Tabby to expand its financial products suite to include digital spending accounts, cards, and money management tools, subject to regulatory approval.

Analyst QuickTake: This marks Tabby’s first acquisition after the company reached unicorn status with USD 200 million raised in Series D funding last November. Tabby also expanded its offerings with the launch of Tabby+ early this year and the company intends to broaden its product offerings further leveraging Tweeq’s expertise.