BNPL Giant Tabby Acquires Saudi Digital Wallet Tweeq in First-Ever Acquisition

Tabby, the Gulf's leading buy-now-pay-later platform valued at $1.5 billion, has announced its first acquisition, purchasing Saudi-based digital wallet Tweeq in a deal that signals its ambition to become a full-service digital financial platform.

Tweeq, a SAMA-licensed digital wallet designed for millennials and Gen Z consumers in Saudi Arabia, offers prepaid cards, peer-to-peer transfers, and spending management tools. The company will continue to operate independently under its own brand while benefiting from Tabby's scale, merchant network, and technology infrastructure.

The acquisition expands Tabby's product suite beyond its core BNPL offering into everyday financial services. By combining instalment payments with a digital wallet, Tabby can offer customers a broader range of financial tools within a single ecosystem, from splitting purchases into instalments to managing daily spending and transfers.

For Tabby, which has built a merchant network spanning tens of thousands of retailers across Saudi Arabia and the UAE, the acquisition provides a new engagement channel with consumers outside of the purchase moment. BNPL platforms typically interact with customers only at checkout, limiting relationship depth. A digital wallet creates ongoing daily engagement.

The deal reflects a broader trend among Gulf fintechs of consolidating through acquisition as the market matures. Well-funded players like Tabby are using their capital to build comprehensive financial platforms rather than remaining single-product companies.

Tabby raised $200 million in its Series D round in 2024, providing the capital for both organic growth and strategic acquisitions like Tweeq.