Tweeq : Mena’s new Gateway for online payment | MENA startups, innovation, and tech news


Tweeq : Mena’s new Gateway for online payment
Funding, Startups

Tweeq : Mena’s new Gateway for online payment

Tweeq is a Riyadh-based fintech startup that has raised a seven-figure (USD) investment fund in an investment round led by STV and Raed Ventures.

Launched in early 2020 by Saeed AlBuhairi, Abdulaziz AlMalki, Mohammed Faheem, and Abdullah AlOtaibi, Tweeq is working on a spending account app that will allow users to sign up for a digital account (with complete online onboarding), start making and receiving payments, organize the finances, and keep track of their personal spending automatically across different categories. The users who will open an account with Tweeq will also receive a Mastercard- powered card that they will be able to use for both online and offline transactions.

Tweeq’s app is already out but for now, it can be used to join the waiting list only. The startup hasn’t shared any exact timeline of launching it for the public but its co-founder and CEO Saeed AlBuhairi in a statement said that they’re doing hard efforts to obtain the necessary approvals, licenses, and other paperwork to conduct their business under SAMA’s supervision, “Tweeq is aiming to provide a state of the art customer experience and a better revolutionary alternative to the traditional banking account,” noted Saeed who was previously Group Vice President and Head of Digital Banking at First Abu Dhabi Bank.

Fin-tech: an emerging player in the region

It is the first investment by STV in a Saudi fin-tech, explaining the reason why they decided to invest in Tweeq, the firm wrote in a blog, “We closely study the evolution of the FinTech sector in the region and its emerging players. We believe that there is a sizable opportunity to digitize the multi-billion dollar traditional financial services sector by providing hassle-free, intuitive financial products. We first met Tweeq last year and we immediately knew that we were looking at something unique. Tweeq is entering the space with a pan-MENA vision and a product-first mindset.”

STV also added that their investment in Tweeq is really an exciting opportunity to fulfill the void of a promising and capable fin-tech startup for the development of MENA Saudi, they also said: “that we are confident in their ability to become a fintech leader that will transform and grow the financial sector in Saudi Arabia and beyond”. According to economic experts, in the coming future, the region will witness the same shift that swept the financial in US, Europe, China, and India, they are also expecting that MENA will witness an even bigger shift, accelerated by younger population and progressive regulators.

Apart from Tweet some of the other fin-tech startups like Mamo and Ziina are also looking to expand their consumer base in the region though they do not have exactly the same services and products there is going to be an overlap in the type of services they offer to their customers. This clearly indicates that tweet will definitely face some competition from these startups, but there is also an opportunity to innovate and grow consistently.

In the digital era of the 21 st century, fin-tech startups like Tweeq are the key instruments in accelerating the country’s economy, there is an excess of opportunities and a large fertile ground for these startups to grow exponentially with consumer-centric innovative ideas and plans.

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