Saudi Arabia-based fintech platform Tweeq has raised funds in order to expand its operations across the kingdom and the Middle East and North Africa (MENA) region.
The latest funding round was led by Saudi venture capital company STV and Raed Ventures. The amount raised was not disclosed by the company, but said that it was a seven-figure investment.
The funding round, which follows on the heels of the company’s exclusive partnership with Mastercard and Paymentology, looks to further bolster the product development for its launch in Saudi Arabia, followed by the wider MENA region, according to the company statement.
”Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account. 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. Tweeq is looking forward to continuing being part of, and contributing to, this flourishing ecosystem.”
Mr. Ahmad AlNaimi, Partner at STV noted, “Our investment in Tweeq excites us deeply; we are confident in their ability to become a fintech leader that will transform and grow the financial sector in Saudi Arabia and beyond. As financial regulators open the doors to challengers and innovators, the region is destined to witness the same shift that swept the financial sectors in the US, Europe, China, and India. We believe that Mena will witness an even bigger shift, fueled by a younger population and increasingly progressive regulators.”
Founded in 2020, Tweeq will enable users to open a feature-rich spending account in seconds through their mobile app, allowing them to start receiving and making payments right away, set monthly budgets and long-term financial goals, and automatically monitor and manage personal spending across various categories.