Tabby, a financial services platform in the Middle East and North Africa (MENA), has raised $160 million in a Series E funding round, boosting its valuation to $3.3 billion.
The investment was led by Blue Pool Capital and Hassana Investment Company, with additional backing from STV and Wellington Management.
Since its last funding round in October 2023, Tabby has nearly doubled its annual transaction volume to over $10 billion while maintaining profitability. With more than 15 million users and a merchant network exceeding 40,000, Tabby continues to expand its reach across Saudi Arabia, the UAE, and Kuwait.
As part of its expansion, the fintech recently acquired Saudi-based digital wallet Tweeq, further strengthening its financial services portfolio. It has also introduced new products, including the Tabby Card for flexible payments, Tabby Plus as a subscription-based rewards programme, and longer-term instalment plans to enhance its core buy now, pay later (BNPL) offering.
The newly secured funds will enhance Tabby’s work in digital payments, cards, and money management tools, aligning with Saudi Arabia’s Vision 2030 goal of advancing a cashless economy. The company is also preparing for an initial public offering (IPO) on the Saudi Exchange, with this Series E round likely to be its final private fundraising before going public.
Hosam Arab, Tabby’s CEO and co-founder, stated that the investment will help the company accelerate its rollout of products that make managing money simpler and more rewarding for our customers.
“We’re focused on creating tangible impact—helping people take control of their finances with tools that are accessible, effortless, and built for their everyday lives.”
Christopher Wu, chief investment officer at Blue Pool Capital, commended Tabby’s rapid growth, saying, “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency set them apart from other fintech companies globally. We are incredibly excited to support the team on their mission.”
The demand for BNPL services has grown steadily in the MENA region, where credit card penetration remains low despite high consumer spending power. Tabby has grown fast in this space, competing with rivals like Tamara while also expanding into broader financial services.
The company is also exploring remittance solutions, particularly in high-volume corridors like UAE to India, offering flexible payment options that traditional providers lack.
With increasing investor interest in tech IPOs within MENA, Tabby’s upcoming listing is expected to be a landmark event for the region’s fintech sector. The company has already raised over $1 billion in equity and debt, bolstering its scale up speed in digital payments and financial services.
