Saudi-Based Tabby Hits a Valuation of $3.3 Billion

Saudi Arabia-based fintech company Tabby has doubled its valuation to $3.3 billion after raising $160 million during the series E funding round, making it the most valuable fintech startup in the Middle East and North Africa. 

The E round was led by Hong Kong-based Blue Pool Capital and Hassana Investment Co., the latter being the funding arm of Saudi Arabia’s General Organization for Social Insurance.

The Saudi Technology Ventures and Boston-based Wellington Management also participated in this round. 

Tabby is a buy now pay later platform, which uses the BNPL model to allow customers to make online purchases immediately and spread their payments over interest-free instalments. The app is active in the UAE, Saudi Arabia, and Kuwait.

In 2023, Tabby announced plans for an initial public offering in Saudi Arabia's market after it relocated to the Kingdom from the UAE. 

Tabby achieved unicorn status after reaching a valuation of one billion dollars when it secured $200 million in the D funding round in November 2023.

The investment improves Tabby's position ahead of its planned IPO.

The company will use the new funds for the expansion of its financial services including digital spending accounts, payments, cards, and money management tools. 

Tabby has more than 15 million registered users and more than 40,000 sellers. 

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