Tabby Plans IPO on Saudi Tadawul
The firm has not set dates yet, and the names of the banks or law firms involved are not yet disclosed.
Saudi-based BNPL app Tabby is planning an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), following its recent acquisition of the Saudi digital wallet Tweeq.[1]
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The firm has not set dates yet, and the names of the banks or law firms involved are not yet disclosed.
Earlier, Tabby announced its acquisition of Tweeq, a Saudi digital wallet licensed by the Saudi Central Bank (SAMA).
Tweeq, founded in 2020, will continue to operate independently following the acquisition. Tabby may explore expanding its financial product offerings to include digital spending accounts, cards, and money management tools, in compliance with regulations.
Tabby, which received its BNPL permit from SAMA in July 2023, plans to integrate Tweeq’s services into its ecosystem, pending regulatory approval.
Founded in 2019 in the UAE by Hosam Arab, Tabby specializes in buy now, pay later (BNPL) services and has an annual transaction volume exceeding $6 billion. Tweeq, established in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers digital wallet services.
In November 2023, Tabby raised $200 million in its Series D funding round, achieving a valuation of $1.5 billion.
This is coming less than a year after Tabby’s $58 mn Series C round led by Sequoia Capital India and STV, both of whom participated in this recent unicorn round.
