Saudi Arabian fintech Tabby has raised $233m in an equity financing round led by existing investor Blue Pool Capital, valuing the company at $6.5bn.
Current shareholders HSG, Wellington Management and Arbor Ventures also participated in the round, Tabby said in a statement. The deal includes a liquidity option for employees.
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The company said the funding will support its “next stage of growth” as it expands beyond buy now, pay later (BNPL) into broader credit and money management services across Saudi Arabia and the UAE.
Tabby co-founder and CEO Hosam Arab said: “We began with a button at an online checkout to help people spread costs over time. Everything since, every product and every licence, has come back to the same idea: people deserve more from their money.
“This round means we can build further on that, without changing how we think about growth or discipline.”
Tabby has already secured regulatory approvals to broaden its financial services offering.
In Saudi Arabia, the company received consumer and SME finance licences from the Saudi Central Bank, which allow it to provide larger and longer-term financing to consumers and working capital to businesses.
Tabby also acquired Tweeq, a SAMA-licenced digital wallet, extending its capabilities into accounts, cards and transfers.
In the UAE, Tabby obtained a Stored Value Facilities licence. The company said the licence supports the launch of Tabby Cash, which it described as an alternative to a debit account with no account or card fees.
Tabby reported more than $18bn in annualised transaction volume. It also said it has 25 million registered users and works with 70,000 business partners.
The transaction is subject to applicable regulatory approvals, including approval from the Saudi Central Bank.
