- The Current Funding round was all powered in by STV as well as Raed Ventures.
- The Riyadh backed FinTech as well as Payment Platform Tweeq, that also permits the clients to allow to permit payments via the app, had elevated the additional capital for progression of their operations within the Saudi Arabia as well as the broader MENA territory.
- Tweeq also stated the prior Monday, that its current funding round was also powered by the Saudi Arabia backed Venture Capital firm STV as well as Raed Ventures who aided the start-up for progressing it’s merchandized.
- The Co-founder as well as Chief Executive of the FinTech platform, Saeed Albuhairi stated out that; “Tweeq is aiming to provide … a better modern alternative to the traditional banking account. We are working hard to obtain the necessary licences and approvals to conduct our business under the Saudi Central Bank’s supervision to achieve the kingdom’s ambition of developing a diversified and effective financial sector.”
Mandate for digital payments and other FinTech amenities has surged globally as more individual utilized online banking services and other platforms to allocation finance and pay for procurements amid the Covid-19 Pandemic.
Ahmad AlNaimi stated the STV Partner, that; “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 US, Europe, China and India. We believe that Mena will witness an even bigger shift, fuelled by a younger population and increasingly progressive regulators.”
Initiated the preceding year by a club of seasoned banking and technology professionals, Tweeq’s mobile app allows users to open a spending account and start being paid and making payments, as well as set scheduled budgets and long-term financial goals.
Clients can also display and accomplish private spending across diverse categories. Nine in 10 Saudi residents are passionate to open an account with a FinTech start-up that does not have any physical branches, the report stated.
Clients in Saudi Arabia are progressively choosing FinTech solutions over those accessible by the conventional financial institutions due to substandard digital services, the firm stated it out, quoting a report by the Boston Consulting Group.
Meanwhile, a McKinsey report discovered that more than 80 percent of urban clients in the kingdom desire to deal with financial institutions digitally. Investors are also support into the FinTech arena in the territory as adoption of contactless payments and other digital solutions accelerates.
Prior this month, Dubai peer-to-peer payment start-up Ziina raised up $7.5 million via an initial stage funding round. The firm stated that it will utilize the funds to pace up its wallet service and develop into Saudi Arabia.