UAE-based BNPL lender Tabby has successfully raised $160 million in Series E funding, achieving a valuation of $3.3 billion in anticipation of an upcoming IPO.
The $160 million equity round was led by existing investors Blue Pool Capital and Hassana Investment Company, with participation from Wellington Management and STV. This new valuation more than doubles the $1.5 billion valuation assigned to the company during its 2023 $250 million investment round.
Since that time, the financial services app has nearly doubled its annualized transaction volumes to over $10 billion while also improving its profitability. Recently, Tabby acquired Tweeq, a Saudi-based digital wallet, which has allowed it to expand its product offerings. The company has introduced the Tabby Card for flexible payments beyond checkout and Tabby Plus, a subscription program. Additionally, it has enhanced its core buy now, pay later service with longer-term payment plans, launched Tabby Shop to help users find the best deals, and implemented Tabby Care, a buyer protection program.
Tabby graduated from the SAMA regulatory sandbox and received its BNPL permit in July 2023. With a customer base of 15 million users, the firm has established relationships with more than 40,000 global brands and small businesses.
Reports suggest that Tabby is in discussions with HSBC, JPMorgan, and Morgan Stanley regarding a public offering in Saudi Arabia, expected in late 2025 or 2026.