Saudi Arabia-based Tweeq, which aims to help consumers manage their money, has received an e-money licence from the Saudi Central Bank (SAMA).
The licence will help Tweeq continue its mission of becoming a financial super app that supports millennials and Gen Z, according to a report from Waya.
Tweeq CEO Saeed Albuhairi told Waya, “We are honoured to have secured the EMI licence from SAMA. With their confidence, we are now one step closer to enabling all citizens of society to have access to the next generation of digital payments that meet their needs.
“Tweeq aims to transform the way people think and feel about their finances by providing more advanced and seamless experiences.”
The FinTech company claims to be a spending account like ‘never before.’ Available on iOS and Android, the mobile app enables users to spend, send and save. The company also offers a payment card that can be used around the world either in-store or online.
Its platform also shows daily spending so users can see where their money is going.
Several Saudi Arabia-based FinTech companies have raised funds this year. erad, which offers a Middle East-focused alternative financing platform for businesses, recently raised $2.4m in funding. The company offers non-dilutive funding with flexible repayment and fast approval.
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