Tabby Raises $233 Million to Expand Financial Services

Tabby raised $233 million in a Series F funding round, increasing its valuation to $6.5 billion. Led by Blue Pool Capital with participation from HSG, Wellington Management, and Arbor Ventures, the capital will support the company's transition from a buy now, pay later model into a broader suite of financial services in Saudi Arabia and the United Arab Emirates.

To facilitate this expansion, the company secured consumer and SME finance licenses from the Saudi Central Bank and a Stored Value Facilities license from the UAE Central Bank to launch Tabby Cash. CEO and Co-Founder Hosam Arab stated that the company's evolution is based on the idea that people deserve more from their money.

During the Money20/20 Middle East event in Riyadh, Saudi Central Bank Governor Ayman Al-Sayari reported that the Kingdom's fintech sector grew to 371 companies as of August. This progress supports the National Fintech Strategy's target of 525 active companies by 2030. In a separate regional development, an agreement was reached to enable interoperability between the mada payment network of Saudi Arabia and the HIMYAN network of Qatar.