Tweeq, a Saudi-based provider of spending accounts for individuals and SMEs, announced the closure of an undisclosed seven-figure investment round, co-led by STV and Raed Ventures.

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.

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.

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 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.”

Featured image: Tweeq team