Saudi fintech Tweeq closes funding round led by STV, Raed Ventures

Saudi fintech Tweeq closes funding round led by STV, Raed Ventures

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 licences 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.

Press release:

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