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KSA’s Tweeq Raises Seven-Figure Investment Ahead of App Launch

The fintech platform inches another step closer to its goal of financial democratisation through digital transformation.

Saudi Arabian fintech platform, Tweeq, has successfully closed an undisclosed seven-figure investment in a round co-led by the Middle East’s largest technology venture capital (VC), STV Ventures, alongside early-stage VC Raed Ventures.

Founded as recently as the first half of 2020 by a team of industry experts in banking and tech, Tweeq helps users open spending accounts within seconds through a simplified service in its mobile app. The app also offers the ability to receive and make payments, set monthly budgets and long-term financial targets, and monitor and manage personal spending habits.

Saeed Albuhairi, Co-Founder and CEO at Tweeq, spoke of Tweeq’s disruptive spirit, ”Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account.”

He outlined the challenges and steps it is embarking on, saying “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.”

The new funds will be used by the firm to enhance product development through its yet-to-be launched app and scale regional expansion, as it seeks to realise its wider vision of transforming banking through digital transformation.