Tabby, the Saudi Arabia and UAE-based fintech known for its buy-now-pay-later service, has raised US$233 million in a funding round that values the company at US$6.5 billion.
The round was led by Blue Pool Capital, with existing investors HSG, Wellington Management, and Arbor Ventures also taking part. The deal is subject to regulatory approvals, including from the Saudi Central Bank.
For UAE and Saudi consumers who already use Tabby to split payments, the raise signals the company is pushing well past its BNPL roots. Tabby now processes more than US$18 billion in annualised transaction volume, and the fresh capital arrives alongside a string of regulatory and product moves that point toward a broader financial services push across the two markets.
Beyond buy-now-pay-later
Tabby has been building out banking-adjacent products for some time. The Saudi Central Bank has granted the company consumer and SME finance licences, and Tabby has acquired Tweeq, a SAMA-licensed digital wallet. In the UAE, Tabby launched Tabby Cash, a stored value product that carries no account or card fees and offers cashback on card spending along with local and international transfers. That product is underpinned by a Stored Value Facilities licence granted by the Central Bank of the UAE.
Together, these approvals give Tabby the regulatory footing to operate more like a full-service financial platform than a checkout-page instalment tool, spanning payments, wallets, and lending across both the Saudi and UAE markets.
Staff share sales continue
Tabby has also given employees a route to cash out some of their equity. Since 2023, the company has run share tenders that have facilitated more than US$100 million in staff share sales, a practice that has continued alongside the company's fundraising.
What the investors are saying
A Tabby representative framed the round as a continuation of the company's founding idea rather than a shift in direction: "Everything since, every product and every licence, has come back to the same idea: people deserve more from their money. This round means we can build further on that, without changing how we think about growth or discipline."
Christopher Wu, Chief Investment Officer at Blue Pool Capital, pointed to the length of the relationship between the two firms. "We are proud of our partnership with Tabby over the past three years, and we are excited to continue supporting the impressive growth of the company with this financing," he said.
Why it matters for the region
The size of the valuation places Tabby among the more highly valued fintech companies operating out of the UAE and Saudi Arabia, and the combination of consumer finance licences, a wallet acquisition, and a stored value product suggests the company is positioning itself as an alternative to traditional banking rails for everyday spending and transfers. Whether that ambition holds will depend in part on the regulatory approvals still pending, including sign-off from the Saudi Central Bank on the transaction itself.
