Saudi fintech Tabby announced it has raised $230 million in a new funding round that took place on September 14. This capital will allow the company to expand its buy now, pay later (BNPL) offerings in the Gulf region. The company's current valuation stands at $6.5 billion. According to co-founder and CEO Hosam Arab, these licenses enable the company to grow beyond initial expectations, and the raised capital will provide additional opportunities for this.
Tabby already holds licenses to provide financing for both consumers and small to medium-sized enterprises in Saudi Arabia, as well as a license for fund custody in the UAE. Arab clarified that the funds from the new round are primarily aimed at deepening its presence in key markets – Saudi Arabia and the UAE. Currently, Tabby processes over $18 billion annually in transactions for 25 million registered users and partners with 70,000 businesses, including major companies like Amazon and Shein. The company has also confirmed its significance in the BNPL market as consumer interest in flexible payments grows.
Amid the increasing interest in BNPL in the market, Tabby demonstrates a strong position as a leading player in this segment. With current licenses and new capital, the company is poised to expand its capabilities for further growth.
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