Tweeq
“Can a SAMA-licensed Saudi e-wallet survive as a standalone consumer brand inside Tabby, or does it just become the banking license behind Tabby's BNPL?”
Founded2020
HQRiyadh, Saudi Arabia
FoundersSaeed Albuhairi, Abdulaziz Almalki, Mohammad Faheem, Abdullah AlOtaibi
Latest roundSeed (2021)
IndustryFintech / Consumer banking
The story
Tweeq was founded in 2020 as a Saudi mobile-first digital wallet / neobank targeting individuals and SMEs, building payment systems in-house rather than relying on a BaaS provider. It secured a SAMA EMI licence in late 2022 and launched a mada-branded debit card and spending account. In September 2024 it was acquired by BNPL unicorn Tabby in an all-stock deal that combines Tabby's BNPL with Tweeq's digital banking infrastructure. In December 2025 Tweeq suspended its wallet services, signaling the standalone consumer product is being wound down or absorbed into Tabby's stack.
Product timeline
2020
Tweeq founded in Riyadh by veterans from Al Rajhi, FAB, STC, NBB.· founding
2021
Seed round led by BECO Capital with STV and Raed Ventures.· funding
2022
Granted EMI licence by Saudi Central Bank (SAMA) to launch e-wallet services.· banking
2024
Acquired by Tabby in an all-stock transaction announced at 24 Fintech.· acquisition
2025
Tweeq wallet services suspended starting 10 December 2025 pending further notice.· pivot
Regulated entities
1
regulatory licence held by Tweeq
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Tweeq’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Accounting gap: none
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.