Tabby Raises $233 Million in Series F Round
Tabby, a financial technology company known for its "buy now, pay later" service, has announced a $233 million Series F funding round. The round is led by Blue Pool Capital, with participation from HSG, Wellington Management, and Arbor Ventures. This funding will support Tabby's expansion into broader financial services within Saudi Arabia and the United Arab Emirates.
Expanding Beyond Buy Now, Pay Later
Tabby, headquartered in Riyadh, Saudi Arabia, is diversifying its financial product offerings. The company, which allows users to buy now and pay later, send and receive money, earn cashback, and save, is planning to use the new funds to introduce additional credit, payment, and money management products in the region.
The company has been profitable since 2023 and processes over $18 billion in annualized transaction volume. It serves approximately 25 million users and collaborates with 70,000 business partners, including major brands like Amazon, Apple, and IKEA.
Strategic Use of Funds
Tabby plans to leverage the Series F funding to expand its product portfolio and regulatory licenses. In Saudi Arabia, the company has already acquired consumer and SME finance licenses from the Saudi Central Bank. This allows Tabby to provide larger and longer-term financing options and working capital products for businesses.
In the UAE, Tabby obtained a Stored Value Facilities license from the Central Bank, enhancing its Tabby Cash offering. This product is designed as an alternative to traditional debit accounts and includes features such as cashback on card spending and domestic and international money transfers.
Employee Liquidity Options
The financing round also includes provisions for employee liquidity, continuing a practice Tabby started in 2023. The company has facilitated over $100 million in share sales, enabling employees to benefit from the company's growth.
Leadership and Vision
Co-Founder and CEO Hosam Arab stated, "We began with a button at an online checkout to help people spread costs over time. Everything since, every product and every license, has come back to the same idea: people deserve more from their money."
Tabby's leadership team, including Co-Founder and COO Daniil Barkalov, continues to focus on disciplined growth and expansion in the financial services sector.
Conclusion
With this latest funding, Tabby is well-positioned to expand its footprint in the Middle East's financial technology landscape, offering a broader range of services to its growing user base.