Tabby Closes $233m Series F at $6.5bn Valuation, Plans Expansion Beyond Buy Now, Pay Later
Tabby Closes $233m Series F at $6.5bn Valuation, Plans Expansion Beyond Buy Now, Pay Later #
Saudi Arabia-based fintech Tabby has closed a $233 million Series F equity round at a post-money valuation of $6.5 billion, up from $4.5 billion in its previous round.
Blue Pool Capital, the Hong Kong-based investment vehicle backed by Alibaba co-founder Joe Tsai, led the round, continuing a relationship with Tabby that spans several years. Existing shareholders HSG, Wellington Management, and Arbor Ventures also participated. According to the company’s announcement, the deal involved the sale of both new and existing shares, with a portion of proceeds set aside to provide liquidity to employees. Since 2023, Tabby has run a series of share tenders that have allowed current and former staff to realise more than $100 million in value from their holdings.
The proceeds will go toward expanding Tabby’s product range beyond buy now, pay later into consumer credit and money management services, with Saudi Arabia and the UAE as its primary markets. Over the past year, the company has secured new licences in both markets. In Saudi Arabia, it obtained licences to offer longer-term and larger-ticket financing to consumers as well as working capital products for businesses. In the UAE, it obtained a Stored Value Facilities licence from the Central Bank, which allowed it to launch Tabby Cash, a fee-free alternative to a traditional debit account.
Founded in 2019 in the UAE, Tabby relocated its headquarters to Riyadh in 2023, the same year it became the MENA region’s first fintech unicorn after a funding round valued it at more than $1.5 billion. The company says it has been profitable since 2023 and now processes over $18 billion in annualised transaction volume. Its platform serves 25 million registered users through partnerships with roughly 70,000 merchants, including Amazon and Shein.
Christopher Wu, Chief Investment Officer at Blue Pool Capital, said the firm was proud of its three-year partnership with Tabby and cited the company’s evolution “beyond payments to become the trusted platform for millions of people managing, spending and growing their money across the region.” Asked about a potential public listing, Tabby’s leadership said the company is focused on its core business and newer financial products, with no immediate IPO plans indicated.
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