Riyadh-based fintech platform Tweeq has raised an undisclosed funding round, co-led by STV and Raed Ventures.
Founded in 2020 by Saeed Albuhairi, Tweeq offers individuals and SMEs spending accounts, where they can make and receive payments, set monthly budgets and manage their finances.
The startup is planning to extend its services to the Mena region and is seeking the necessary licenses and approvals from the Saudi Central Bank.
A BCG report suggests that 89 per cent of Saudis are willing to open an account with a fintech startup.
Tweeq, an emerging fintech platform based out of Saudi Arabia, announced the closure of a seven-figure investment round today, co-led by STV and Raed Ventures.
Founded in early 2020 by a team of seasoned banking and tech professionals, Tweeq will allow its users to open a feature-rich spending account in a matter of seconds through their mobile app – where they can immediately 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, 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. Users can join the waiting list today by downloading Tweeq through the app stores of Apple and Google Play.
Saeed Albuhairi, Co-Founder and CEO at Tweeq, says: ”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 licences 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.”
The 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. 89% of Saudis are willing to open an account with a fintech startup that does not have any brick-and-mortar branches, while a McKinsey report shows that over 80% of urban consumers in Saudi Arabia prefer to deal with financial institutions digitally.
This appetite is especially high among the younger population, who represent a significant share of the population – 66 per cent are under the age of 29. These dynamics highlight the sizable opportunity to digitize this multi-billion dollar market.
Ahmad AlNaimi, Partner at STV, highlights, “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 United States, Europe, China, and India. We believe that Mena will witness an even bigger shift, fueled by a younger population and increasingly progressive regulators.”
Omar Almajdouie, Co-Founder and CEO at Raed Ventures, echoes the sentiment: “Saeed, Mohammed, Abdulaziz and Abdullah, the founders of Tweeq, each have distinguished capabilities in the field of banking. But this wasn’t the only reason for choosing Tweeq over their peers. The most important qualities that make them an outstanding team is their vision for transforming banking services and their ability to lead this transformation.”