Tabby, a buy now, pay later (BNPL) fintech company based in Saudi Arabia, has announced a successful $160 million Series E funding round, boosting its valuation to $3.3 billion. This significant investment underscores Tabby’s rapid growth and positions the company for a planned initial public offering (IPO).
The funding round was led by existing investors Blue Pool Capital and Hassana Investment Company, with participation from STV and Wellington Management. This latest investment follows a $200 million Series D round in October 2023, demonstrating continued investor confidence in Tabby’s trajectory.
Founded in 2019 in the UAE by Hosam Arab, Tabby has quickly become a prominent player in the MENA region’s fintech landscape. The company boasts an impressive $10 billion in annualized transaction volume. Tabby’s services extend beyond traditional BNPL offerings, encompassing digital spending accounts, payments, cards, and money management tools.
The newly acquired funds will be strategically deployed to accelerate the expansion of these financial services. Tabby aims to further develop its ecosystem, which includes the Tabby Card for flexible payments, the Tabby Plus subscription program, and enhanced BNPL options with longer-term payment plans. The company also offers Tabby Shop, a platform for users to find deals, and Tabby Care, a buyer protection program. The recent acquisition of Tweeq, a Saudi-based digital wallet, further diversifies Tabby’s product portfolio.
Tabby’s growth aligns with Saudi Arabia’s Vision 2030, which aims to promote a cashless economy. By providing accessible and user-friendly financial tools, Tabby contributes to this broader objective. The company’s focus on simplifying money management for its customers has resonated strongly in the region.
With over 15 million registered users and more than 40,000 sellers, Tabby has established a strong foothold in the market. The company’s annualized sales volume of over $10 billion highlights its significant impact on the regional economy. This Series E funding round marks a crucial step in Tabby’s journey toward its anticipated IPO, signaling its ambition to reshape the financial services landscape in the Middle East.
