• MENA Tabby raises $160M Series E led by Blue Pool Capital and Hassana Investment Company, reaching a $3.3B valuation.
  • The company reports $10B+ in annualized transaction volume and expansion to 15 million customers across Saudi Arabia, UAE, and Kuwait.
  • The company plans to include a broader financial services rollout, including remittances, following the Tweeq acquisition and potential Saudi Exchange IPO.

Middle Eastern fintech leader Tabby has secured $160 million in Series E funding, doubling its valuation to $3.3 billion as it expands beyond its buy now, pay later (BNPL) roots.

The round was co-led by Blue Pool Capital and Hassana Investment Company, with participation from STV and Wellington Management.

The Riyadh-headquartered company has demonstrated remarkable growth since its Series D round 18 months ago, doubling its annualized transaction volume to over $10 billion.

The platform now serves 15 million customers across Saudi Arabia, the UAE, and Kuwait, marking a 50% increase in its user base since October 2023.

Tabby's evolution from a BNPL provider to a comprehensive financial services platform has been characterized by strategic moves, including the acquisition of Saudi digital wallet provider Tweeq.

The company now supports over 40,000 brands and merchants, including major players like Amazon, Adidas, and IKEA.

CEO Hosam Arab indicates that this Series E round might be Tabby's final private funding before pursuing an IPO on the Saudi Exchange.

The company has already relocated its headquarters from Dubai to Riyadh in preparation for the listing. The move comes as investor appetite for tech IPOs in the MENA region grows, following Talabat's successful Dubai listing.

Looking ahead, Tabby plans to expand into remittances, targeting the lucrative UAE-India corridor with innovative features like split payments for international transfers.

The company, which has raised over $1 billion in equity and debt, aims to leverage its strong market position and trusted brand to compete with global players entering the region.

Edited By Annette George