Founded in early 2020 by a team of seasoned banking and tech professionals, Tweeq will allow its users to open a 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.
Saeed Albuhairi, Co-Founder and CEO at Tweeq, commented ”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 continue being part of, and contributing to, this flourishing ecosystem.”
Ahmad AlNaimi, Partner at STV, highlighted “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, added “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.”
Tweeq will use the funds to further bolster the product development for its launch in Saudi Arabia, followed by the wider MENA region.
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