Tabby becomes MENA’s most valuable fintech with new $160 million investment

RIYADH: Tabby – MENA’s leading financial services and shopping app – has successfully raised $160 million in a Series E funding round, elevating its valuation to $3.3 billion, an achievement which solidifies Tabby’s status as the most valuable fintech company in the region.

The funding round was spearheaded by Blue Pool Capital and Hassana Investment Company, with further involvement from STV and Wellington Management. Since its previous funding round in October 2023, Tabby has nearly doubled its annualized transaction volume, which now exceeds $10 billion, all while remaining profitable.

To broaden its service offerings, the company recently acquired Tweeq, a digital wallet based in Saudi Arabia, and has launched several new products. The Tabby Card offers flexible payment options beyond traditional checkout, while Tabby Plus introduces a subscription model. Additionally, Tabby has enhanced its core Buy Now, Pay Later service with extended payment plans, launched Tabby Shop to assist users in finding the best deals, and developed Tabby Care, a buyer protection initiative.

The newly acquired funds will be instrumental in accelerating the expansion of Tabby’s financial services, encompassing digital spending accounts, payment methods, cards, and money management solutions.

The company aims to contribute to Saudi Arabia’s Vision 2030 by promoting a shift towards a cashless economy. This funding also strategically positions Tabby in preparation for its forthcoming IPO, marking a significant phase in its growth journey.

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Hosam Arab, CEO and Co-Founder of Tabby, reaffirmed the company’s dedication to easing financial management for customers. He noted that this investment would facilitate the quicker launch of products designed to make managing finances simpler and more rewarding, with a focus on creating meaningful impacts by delivering accessible and user-friendly financial tools.

Christopher Wu, Chief Investment Officer at Blue Pool Capital, praised Tabby’s innovation and exceptional product offerings, noting its strong revenue growth and operational efficiency set it apart from other global fintech companies. Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, expressed confidence in Tabby’s momentum and execution, emphasizing that the company’s commitment to delivering groundbreaking financial solutions supports optimism for its future.

By January 2025, Tabby reported over 15 million registered users and more than 40,000 sellers, driving an annualized sales volume exceeding $10 billion. With this latest funding and strategic growth initiatives, Tabby is well-positioned to spearhead the next wave of financial services in the Middle East.