Tabby, the Middle East’s most valuable fintech company, raised $160 million in what it says could be its final funding round before a potential initial public offering within 18 months.
The Series E financing values the buy now, pay later provider at $3.3 billion, according to a statement on Monday. The round was led by existing investors Blue Pool Capital and Hassana Investment Company, with participation from Wellington Management and STV.
The funding comes as Tabby has selected HSBC Holdings Plc, JPMorgan Chase & Co., and Morgan Stanley to help prepare for a possible IPO, Bloomberg reported earlier this week.
“This is potentially the last round of capital that we are raising pre-IPO alongside investors that have deep public market expertise,” Chief Executive Officer Hosam Arab told Arabian Business in an interview. “Our wider plans for the IPO remain unchanged.”
The Dubai-based company has nearly doubled its annualised transaction volumes to over $10 billion since its last funding round in October 2023 while growing profitability, Arab said. The company is “targeting a timeline within 18 months and are yet to finalise our listing domicile,” he added.
Rapid growth
Tabby has expanded beyond its core buy now, pay later offering to include longer-term payment plans and launched Tabby Card, making it “a part of everyday life,” according to Arab. The company recently acquired Saudi digital wallet Tweeq and introduced Tabby Plus, a subscription program.
The funding will accelerate the expansion of Tabby’s financial services, including digital spending accounts, payments, and money management tools. The company currently serves more than 15 million registered users and over 40,000 sellers across Saudi Arabia, UAE, and Kuwait.
“Tabby’s ability to innovate and deliver exceptional products is truly impressive,” said Christopher Wu, Chief Investment Officer at Blue Pool Capital. “Their strong revenue growth and operational efficiency sets them apart from other fintech companies globally.”
The valuation milestone “is a strong reflection of the growing maturity and potential of MENA’s fintech sector,” Arab said. “Beyond numbers, it’s a clear signal that the problem we’re solving is real and the opportunity is meaningful.”
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