UAE-based buy now, pay later player Tabby has hired banks to prepare for an eventual IPO.
The firm is reportedly in talks with HSBC, JPMorgan and Morgan Stanley for a public offering in Saudi Arabia in late 2025 or 2026.
The desire for public status follows a financing round in December 2023 which saw the firm secure $700 million in debt financing from JPMorgan and extend its series D round to $250 million, and a more recent acquisition of Saudi digital wallet Tweeq, expanding its product suite to offer customers spending accounts with money management tools.
Tweeq, founded in 2020, is one of the early electronic money institutions licensed to operate in Saudi Arabia, providing an alternative to traditional banking accounts.
Tabby graduated from the SAMA regulatory sandbox and received its BNPL permit in July 2023. The firm, which is valued at $1.5 billion, now claims 14 million users and relationships with over 40,000 global brands and small businesses.