UAE-based BNPL lender Tabby has raised $160 million in Series E funding at a $3.3 billion valuation ahead of an ancitpated IPO.
The $160M equity round was led by existing investors Blue Pool Capital and Hassana Investment Company with participation from Wellington Management and STV.
The new valuation is more than double the $1.5 billion price tag attached to the firm in its 2023 $250 million investment round.
Since then, the financial services app has almost doubled its annualised transaction volumes to over $10 billion while growing profitability. The company recently acquired Tweeq, a Saudi-based digital wallet, expanding its product portfolio. It has introduced Tabby Card for flexible payments beyond checkout and Tabby Plus, a subscription programme. Additionally, it has evolved its core buy now, pay later offering with longer-term payment plans, Tabby Shop to help users find the best deals, and Tabby Care, a buyer protection program.
Tabby graduated from the SAMA regulatory sandbox and received its BNPL permit in July 2023. The firm now claims 15 million users and relationships with over 40,000 global brands and small businesses.
Tabby is reportedly in talks with HSBC, JPMorgan and Morgan Stanley for a public offering in Saudi Arabia in late 2025 or 2026.