Tabby has raised $233 million in a Series F round led by Blue Pool Capital, valuing the fintech at $6.5 billion. The round is a marker for the UAE and Saudi Arabia's fintech scene, given Tabby's scale: the company processes more than $18 billion in annualised transaction volume, serves 25 million registered users and works with 70,000 business partners across the region.
Existing shareholders HSG, Wellington Management and Arbor Ventures also took part in the round. Tabby has been profitable since 2023, and the company says the new capital will support its expansion beyond buy now, pay later into broader financial services in Saudi Arabia and the UAE.
The round also includes a liquidity option for employees. Tabby has run share tenders since 2023 and has facilitated more than $100 million in share sales through those tenders to date.
From BNPL to broader financial services
Tabby's growth beyond instalment payments has been building for some time through regulatory approvals and acquisitions. The Saudi Central Bank granted Tabby consumer and SME finance licences, and the company acquired Tweeq, a SAMA-licensed digital wallet. In the UAE, the Central Bank of the UAE granted Tabby a Stored Value Facilities licence.
Those approvals underpin Tabby Cash, a product the company positions as an alternative to a debit account, with no account or card fees. Customers using Tabby Cash earn cashback on card spending and can send money both locally and internationally.
The transaction remains subject to applicable regulatory approvals, including approval from the Saudi Central Bank.
What the founders and investors are saying
Hosam Arab, CEO and co-founder of Tabby, framed the raise as a continuation of the company's original purpose rather than a shift in direction. "We began with a button at an online checkout to help people spread costs over time. 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," he said.
Christopher Wu, Chief Investment Officer at Blue Pool Capital, pointed to Tabby's shift from a payments tool to a wider financial platform. "Tabby has demonstrated an impressive ability to innovate for their customers, evolving beyond payments to become the trusted platform for millions of people managing, spending and growing their money across the region. 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.
For UAE and Saudi consumers, the raise signals that Tabby intends to be less a checkout feature and more a everyday financial account, spanning payments, savings-style cashback and money transfers, as it works through the remaining regulatory steps needed to bring Tabby Cash and its licensed services fully to market.
Original reporting by Wamda.
