Tabby Hits US$3.3bn Valuation in Middle East Funding
Tabby, a Middle Eastern buy now, pay later (BNPL) provider and shopping platform, has secured US$160m in Series E funding at a US$3.3bn valuation, establishing itself as the most valuable financial technology company in the Middle East and North Africa region.
The funding round was led by Blue Pool Capital, which manages capital for tech industry executives, and Hassana Investment Company, the investment arm of Saudi Arabia's General Organization for Social Insurance.
STV, a Middle Eastern technology venture capital firm, and Wellington Management also participated in the round.
Regional expansion and profitability
The company's recent acquisition of Tweeq, a Saudi Arabian digital wallet provider, marks its entry into the digital banking space.
The deal adds both virtual and physical payment cards to Tabby's product suite, positioning it to compete with traditional financial institutions.
Since its last funding round in October 2023, Tabby has maintained growth while increasing profitability, with annualised transaction volumes now exceeding US$10bn.
This growth in transaction volume comes as BNPL services gain traction in the Gulf region, where credit card penetration remains relatively low.
Product diversification
The company has launched several new products as it expands beyond payments.
The Tabby Card enables flexible payments beyond traditional checkout points, while Tabby Plus introduces a subscription model to the platform.
The firm has also expanded its core BNPL service to include longer-term payment plans.
Additional services include Tabby Shop, a deal discovery platform for users, and Tabby Care, a buyer protection programme designed to increase consumer confidence in digital transactions.
Strategic growth
The investment aligns with Saudi Arabia's Vision 2030 programme to advance digital payments and financial inclusion.
Tabby plans to use the funding to expand its financial services offerings, including digital spending accounts, payments infrastructure, and money management tools.
The funding round positions Tabby for a potential initial public offering (IPO), though no specific timeline has been disclosed.
The company reports 15 million registered users and integration with more than 40,000 merchants.
Hosam Arab, CEO and Co-founder of Tabby, says: “This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers.
“We're focused on creating tangible impact—helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives.”
Investment rationale
Christopher Wu, Chief Investment Officer at Blue Pool Capital, says: "Tabby's ability to innovate and deliver exceptional products is truly impressive.
“Their strong revenue growth and operational efficiency sets them apart from other fintech companies globally. We are incredibly excited to support the team on their mission."
“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers"
Ahmed Al Qahtani, Chief Investment Officer for regional markets at Hassana Investment Company, adds: "We are consistently impressed with Tabby's remarkable ability to execute and build significant momentum in such a short time.
Their unwavering dedication to delivering innovative products and solutions to customers reinforces our strong belief in Tabby's bright future.
“We are excited to continue our partnership as they redefine the financial services landscape in the region."
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