Key Takeaways
- Saudi-headquartered fintech Tabby has raised $233 million in a funding round.
- The company is expanding into broader financial services in Saudi Arabia and the UAE.
- Tabby currently processes over $18 billion in annualized transaction volume.
Saudi-headquartered fintech company Tabby has secured $233 million in a funding round, valuing the company at $6.5 billion, according to a statement issued on Monday.
The Series F equity round was led by Blue Pool Capital, an investment firm backed by Alibaba’s co-founder Joe Tsai, with participation from HSG, Wellington Management, and Arbor Ventures.
Tabby, which counts Abu Dhabi sovereign wealth fund Mubadala among its investors, was previously valued at $4.5 billion after a share sale in October last year.
The company, founded in 2019, currently processes over $18 billion in annualized transaction volume across 25 million registered users and collaborates with 70,000 businesses, including Amazon and fast-fashion retailer Shein.
CEO and co-founder Hosam Arab stated that the proceeds will primarily be used to deepen the company's presence in its core markets of Saudi Arabia and the UAE.
In the past year, Tabby has secured licences in Saudi Arabia to offer larger and longer-term financing to consumers and working capital to businesses, while in the UAE, it was granted a licence to launch a cash product.
The company is currently focused on scaling its core business and on its newer financial products, Arab said, adding that a potential public listing is not currently on the agenda.
Tabby is also working on providing liquidity to employees as part of the funding round, according to the statement.
The proceeds are primarily about giving us the capital to go deeper in our two core markets.
Hosam Arab, CEO and co-founder of Tabby
