Tabby Eyes IPO Following US$160 Million Series E Round

UAE-born, KSA-based buy-now-pay-later (BNPL) app Tabby has raised US$160 million in a Series E financing round, bringing its valuation to $3.3 billion.

The round was led by existing investors, including the Hong Kong-based private investment firm Blue Pool Capital Limited and the Saudi investment arm of the General Organization for Social Insurance (GOSI) Hassana Investment Company (HIC), with additional participation from the KSA-headquartered venture capital firm STV and the Boston-based investment management firm Wellington Management.  

The funds will support the expansion of Tabby’s financial services portfolio, focusing on digital spending accounts, payments, cards, and money management tools. The move aligns with Saudi Arabia’s Vision 2030 goals by contributing to the Kingdom’s transition toward a cashless economy. The round will also support the fintech's preparation for its anticipated initial public offering (IPO). 

Founded in 2019 in the UAE by Hosam Arab, Tabby has more than 15 million registered users and partnerships with over 40,000 sellers. In September 2024, Tabby announced that it was planning an initial public offering (IPO) on the Saudi Exchange, Tadawul, following its acquisition of the Saudi digital wallet Tweeq. Since then, the company has introduced Tabby Card for flexible payments, Tabby Plus as a subscription service, and longer-term payment plans for its BNPL service. Other features include Tabby Shop for deal discovery and Tabby Care, a buyer protection program.   

Hosam Arab, co-founder and CEO of Tabby, said in a statement, “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.” 

Christopher Wu, chief investment officer at Blue Pool Capital, commented, “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency set them apart from other fintech companies globally. We are incredibly excited to support the team on their mission."

Ahmed Al Qahtani, chief investment officer for regional markets at Hassana Investment Company, stated, “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.” 

In October 2023, Tabby achieved unicorn status after raising $200 million in its Series D funding round, which brought its valuation to $1.5 billion. Since that round, Tabby has nearly doubled its annualized transaction volume to more than $10 billion while improving profitability. The round came less than a year after Tabby’s $58 million Series C round led by Sequoia Capital India and STV, both of whom participated in the unicorn round. 

Image courtesy Tabby.