RIYADH: Saudi Arabia’s first fintech unicorn Tabby has doubled its valuation to $3.3 billion following the successful closure of a $160 million series E funding round.
The round was led by Hong Kong-based Blue Pool Capital, and Hassana Investment Co., the funding arm of Saudi Arabia’s General Organization for Social Insurance, with participation from STV and Wellington Management.
This latest investment makes Tabby the most valuable fintech company in the Middle East and North Africa.
The company claims to have doubled its annualized transaction volumes to over $10 billion since its last $200 million series D funding round in 2023, which secured its unicorn status — a designation for startups valued at $1 billion or more without a stock market listing.
Under the National Unicorn Program, also known as Saudi Unicorns, the Kingdom aims to significantly increase the number of high-growth startups, create jobs, and boost gross domestic product.
The program, a collaborative initiative by the Ministry of Communication and Information Technology, the Mohammed bin Salman Foundation, and the National Technology Development Program, provides services such as expansion support and investor connections for promising tech startups.
“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers. We’re focused on creating tangible impact — helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives,” said Hosam Arab, CEO and co-founder of Tabby.
Tabby has expanded beyond its core buy now, pay later service with the acquisition of digital wallet Tweeq and the introduction of Tabby Card for flexible payments beyond checkout, as well as Tabby Plus, a subscription program.
In 2023, Tabby announced plans for an initial public offering in the Saudi market following its headquarters’ relocation to the Kingdom.
Founded in the UAE before moving to Saudi Arabia, the company has experienced exponential growth in alignment with the Kingdom’s strategic goals.
Tabby’s latest funding round will accelerate its expansion into financial products, including digital spending accounts, payments, cards, and money management tools.
The investment also strengthens its position ahead of its planned IPO.
Tabby currently has over 15 million registered users and more than 40,000 sellers on its platform, the company said.
