Tabby, the Saudi Arabia- and UAE-based buy now, pay later and financial services provider, has raised $233m in a new equity round.
The financing was led by existing backer Blue Pool Capital, with participation from current shareholders HSG, Wellington Management and Arbor Ventures, and values Tabby at $6.5bn.
Tabby has been profitable since 2023 and now handles more than $18bn in annualised transaction volume, serving 25 million registered users through partnerships with 70,000 businesses. The fresh capital is earmarked for Tabby’s push beyond BNPL into a wider suite of credit and money management products across its two core markets.
As part of the deal, employees will be given a liquidity option. Tabby has run share tenders since 2023, through which staff, past and present, have cashed out more than $100m in share sales.
Tabby has spent the last year building out its licensing footprint. The Saudi Central Bank has awarded the company consumer and SME finance licences, letting it extend larger, longer-term credit to individuals and working capital to businesses.
Tabby also bought Tweeq, a digital wallet licensed by SAMA, adding accounts, cards and transfers to its offering.
In the UAE, the Central Bank granted Tabby a Stored Value Facilities licence, paving the way for Tabby Cash, a fee-free alternative to a debit account that pays cashback on card spending and supports domestic and international transfers.
Tabby was founded on the idea of letting shoppers split the cost of a purchase at checkout, and the company says every product and licence it has added since has extended that same mission. Completion of the round still depends on regulatory sign-off, including clearance from SAMA.
Hosam Arab, CEO and Co-Founder of Tabby, said: “We began with a button at an online checkout to help people spread costs over time. Everything since, every product and every licence, has come back to the same idea: people deserve more from their money. This round means we can build further on that, without changing how we think about growth or discipline.”
Christopher Wu, Chief Investment Officer at Blue Pool Capital, said: “Tabby has demonstrated an impressive ability to innovate for their customers, evolving beyond payments to become the trusted platform for millions of people managing, spending and growing their money across the region. We are proud of our partnership with Tabby over the past three years, and we are excited to continue supporting the impressive growth of the company with this financing.”
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