Saudi-based fintech startup Tweeq has secured funding to foster its product development and expand into the wider MENA region.
The fintech platform allows users to open a spending account via its mobile app, enabling them to start receiving and making payments, set monthly budgets and long-term financial goals, as well as monitor and manage personal spending automatically across different categories.
The funding round follows the company's exclusive partnership with Mastercard and Paymentology.
Saeed Albuhairi, Co-Founder and CEO at Tweeq, said: "We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the kingdom's ambition of developing a diversified and effective financial sector."
Lagging quality of digital experiences and customer service is driving customers in Saudi Arabia away from traditional financial institutions and towards consumer-first FinTech startups, according to the Boston Consulting Group.
According to a McKinsey report, more than 80 percent of urban consumers in Saudi Arabia prefer to deal with financial institutions digitally.
(Writing by Seban Scaria ; editing by Daniel Luiz)
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