Tabby, a fintech company based in Saudi Arabia, has successfully raised $233 million in equity funding, elevating its valuation to $6.5 billion. This financial boost is set to propel the company's expansion beyond its initial buy now, pay later (BNPL) services into a broader range of financial offerings across Saudi Arabia and the UAE.
The funding round was spearheaded by Blue Pool Capital, with participation from existing investors such as HSG, Wellington Management, and Arbor Ventures. Founded in the UAE in 2019, Tabby relocated its headquarters to Saudi Arabia in 2023, the same year it became the first fintech unicorn in the Middle East and North Africa, with a valuation exceeding $1.5 billion.
Since achieving profitability in 2023, Tabby has processed over $18 billion in annualized transaction volume, serving 25 million registered users and partnering with 70,000 businesses. The company’s growth aligns with the burgeoning fintech sector in Saudi Arabia, which has seen a significant increase in the number of operating companies, from 82 in 2022 to 281 by August 2025. The National Fintech Strategy aims to further boost this number to 525 by 2030.
Tabby CEO and co-founder Hosam Arab reflected on the company's journey, stating that their initial goal was to provide a simple online checkout option to help people manage costs. He emphasized that the new funding will allow Tabby to enhance its offerings while maintaining its growth strategy and financial discipline.
Christopher Wu, Chief Investment Officer at Blue Pool Capital, praised Tabby's innovative approach, noting its evolution from a payments service to a comprehensive financial platform. Wu expressed pride in the ongoing partnership with Tabby and enthusiasm for supporting its continued growth.
New Licenses Broaden Financial Services
The latest funding round also includes a liquidity option for employees, allowing them to benefit from the company's success. Since 2023, Tabby has facilitated share tenders enabling over $100 million in employee share sales, providing current and former employees an opportunity to realize some of the value they contributed to creating.
In the past year, Tabby has expanded its financial services by acquiring several key licenses. The Saudi Central Bank has granted Tabby licenses for consumer and small and medium-sized enterprise financing, enabling the company to offer larger, long-term financing solutions to consumers and working capital options for businesses. Additionally, Tabby acquired Tweeq, a SAMA-licensed digital wallet, enhancing its capabilities to include accounts, cards, and money transfers.
In the UAE, Tabby obtained a Stored Value Facilities license from the Central Bank, allowing it to introduce Tabby Cash. This service acts as an alternative to a traditional debit account, offering cashback on card purchases and facilitating both local and international money transfers without account or card fees.
