Tabby BNPL Expansion: $233M Raised at $6.5B Valuation

Fintech leader Tabby has officially confirmed it raised $233M at a $6.5B valuation to drive its Tabby BNPL expansion into new financial services. These offerings will include consumer financing, digital accounts, cards, and money transfers across Saudi Arabia and the UAE.

The Series F round was led by existing investor Blue Pool Capital, with participation from HSG, Wellington Management, and Arbor Ventures. The transaction remains subject to applicable regulatory approvals, including approval from the Saudi Central Bank.

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Tabby stated that the new capital will support its next phase of growth. Products will span consumer and SME financing, accounts, cards, payments, and money transfers.

Tabby originally built its business around allowing shoppers to split purchases into instalments at checkout. Its latest moves, however, show the fintech building a broader relationship with consumers and businesses beyond individual purchases.

Understanding the Tabby BNPL Expansion

The company said it has been profitable since 2023. It now processes more than $18 billion in annualized transaction volume across 25 million registered users and 70,000 business partners.

The expansion has also been supported by new financial-services licenses. In Saudi Arabia, the Saudi Central Bank has granted Tabby consumer and SME finance licenses, allowing it to offer larger and longer-term financing to consumers and working capital products to businesses.

Tabby has also acquired Tweeq, a SAMA-licensed digital wallet. The acquisition expands its capabilities into accounts, cards, and money transfers.

In the UAE, Tabby secured a Stored Value Facilities license from the Central Bank of the UAE, enabling it to launch Tabby Cash. The product is positioned as an alternative to a traditional debit account without account or card fees. Customers can earn cashback on card spending and send money locally and internationally.

Corporate Growth and Employee Liquidity

The financing includes a liquidity option for Tabby employees. The company has conducted employee share tenders since 2023 and said those transactions have facilitated more than $100 million in share sales, allowing current and former employees to realize part of the value of their holdings.

For Tabby, the latest raise comes as its financial-services footprint becomes significantly broader than its original BNPL offering. “We began with a button at an online checkout to help people spread costs over time,” said Hosam Arab, CEO and co-founder of Tabby.

Market Focus: Saudi Arabia and the UAE

Tabby is deepening its position in the two markets where it already has an established customer and merchant base rather than using the new capital primarily for geographic expansion.

In Saudi Arabia, its consumer and SME finance licenses give the company access to longer-term consumer financing and business working capital. Its acquisition of Tweeq adds digital wallet infrastructure, accounts, cards, and transfers.

In the UAE, Tabby Cash adds another layer to its consumer offering through spending accounts, cards, cashback, and money transfers. That gives Tabby exposure to several parts of the financial-services stack, from credit and payments to accounts and money management. The bigger question is whether Tabby can turn its existing BNPL scale into broader adoption of its financial products.

With 25 million registered users, 70,000 business partners, and more than $18 billion in annualized transaction volume, the company already has a substantial distribution network. The latest funding gives Tabby more room to build on that network as it moves from helping consumers split payments at checkout toward becoming a wider financial-services platform.

For MENA fintech, the company's evolution highlights how established players are moving into regulated lending, payments, and money-management products to better serve their existing user base.