Tweeq, a Saudi Arabian fintech, has raised an undisclosed sum of money to fuel its growth and support product development.

According to local reports, the start-up sealed a seven figure USD investment in the funding round.

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Founded early last year, Tweeq is developing a spending account app for the users. The app will support online onboarding and will enable the users to receive and make payments. The app will also allow the customers set monthly budgets and long-term financial goals.

The offering is expected to be rolled out soon.

Tweeq co-founder and CEO Saeed Albuhairi said: “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. Tweeq is looking forward to continue being part of, and contributing to, this flourishing ecosystem.”

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In February this year, Tweeq partnered with Mastercard and cloud-based issuer payment processor Paymentology. The partnerships will support the provision of digital payment solutions and contactless cards.

Following its launch in Saudi Arabia, the company aims to foray into other MENA countries. The new funding will also support product development for its launch in Saudi Arabia.