Buy Now, Pay Later (BNPL) provider Tabby has secured $160 million in fresh funding, doubling its valuation to an impressive $3.3 billion.
The Series E funding round was spearheaded by Blue Pool Capital, a Hong Kong-based investment firm, alongside Saudi Arabia’s Hassana Investment Company. Other participants included Saudi Technology Ventures and Wellington Management, further solidifying investor confidence in the fintech startup.
Originally founded in Dubai in 2019, Tabby transitioned its headquarters to Riyadh in October 2023. Before this latest investment, the company was valued at $1.5 billion following its previous funding round in 2023.
Tabby has witnessed remarkable growth, nearly doubling its annual transaction volumes to over $10 billion. The company expanded its services in September last year by acquiring Tweeq, a Saudi-based digital wallet, enhancing its financial product offerings.
According to CEO Hosam Arab, the new capital injection will help accelerate the company’s rollout of additional financial solutions. Currently, Tabby boasts more than 15 million registered users and a network of over 40,000 merchants.
The startup also has the backing of Abu Dhabi’s sovereign wealth fund, Mubadala, and has reportedly engaged investment banks HSBC, JP Morgan, and Morgan Stanley to explore a potential initial public offering (IPO). Speaking to Reuters, Arab revealed that Tabby could go public within the next 18 months.
