Saudi fintech Tweeq raises funding for expansion

The fintech platform allows users to open a spending account via mobile app, enabling them to start receiving and making payments

  
Image used for illustrative purpose

Image used for illustrative purpose

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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)

 seban.scaria@refintiv.com

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