A recent secondary share sale has increased the valuation of MENA-based financial app Tabby to over $4.5 billion.
The new investors, including HSG and Boyu Capital, acquired shares from existing shareholders without the issuance of new shares or proceeds going to Tabby.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” stated Hosam Arab, CEO and co-founder of the buy-now-pay-later platform.
Based in Riyadh, Tabby offers payment services for commercial entities in Saudi Arabia, UAE, and Kuwait, currently serving around 40,000 corporate clients. Founded in 2019, the company has ambitious plans, with an IPO expected in 2026. This plan was revealed earlier this year following a $160 million funding round that doubled the company’s valuation to $3.3 billion.