Tabby valued at $6.5 billion after $233 million funding round
The Gulf fintech’s valuation rose from $4.5 billion, with Blue Pool Capital leading a round that also gives employees a liquidity option.
Gulf fintech Tabby reached a $6.5 billion valuation in a $233 million funding round led by Blue Pool Capital, according to Bloomberg. The new valuation is up from $4.5 billion in a secondary share sale less than a year ago.
Existing investors HSG, Wellington Management, and Arbor Ventures also joined the round. Blue Pool Capital already held a stake in Tabby and manages assets linked to Alibaba Chairman Joseph Tsai. Part of the financing will provide a liquidity option for employees.
Riyadh-based Tabby is expanding beyond its buy-now, pay-later business, which lets customers pay for purchases in installments. The company recently won Saudi licenses for consumer and small-business financing and acquired digital wallet Tweeq.
In the United Arab Emirates, it received a banking license for Tabby Cash, a debit-card alternative with money-transfer services.
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Tabby has also used receivables-backed financing, including a $700 million JPMorgan facility signed in 2023. Chief Executive Officer Hosam Arab said the company is profitable and well-capitalized and will pursue an initial public offering when market conditions are more favorable.
The company has 25 million registered users and processes more than $18 billion in annualized transaction volume, according to its statement. It became profitable in 2023.