With a $160 million Series E funding round and a $3.3 billion valuation, Tabby, the top financial services and shopping app in MENA, has solidified its position as the most valuable fintech business in the area. STV and Wellington Management also participated in the round, which was led by current investors Blue Pool Capital and Hassana Investment Company.
The financial services app has increased profitability and nearly doubled its yearlyized transaction volumes to over $10 billion since the last funding round in October 2023. The company’s product line was recently expanded with the acquisition of Tweeq, a digital wallet based in Saudi Arabia. It has launched Tabby Plus, a subscription service, and Tabby Card, which allows for flexible payments outside of checkout.
With longer-term payment plans, Tabby Shop to assist customers in finding the best offers, and Tabby Care, a buyer protection program, it has also improved its basic buy now, pay later offering.
In addition to promoting Saudi Arabia’s Vision 2030 objectives by propelling the Kingdom’s cashless economy forward, the funds will mainly be utilized to expedite the growth of Tabby’s financial services, which include digital spending accounts, payments, cards, and money management tools. This funding round marks a significant turning point in Tabby’s development and strengthens its capacity to provide the next wave of financial services in the Middle East as it gets ready for its impending IPO.
Hosam Arab, CEO and Co-Founder at Tabby, said, “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.”
Christopher Wu, Chief Investment Officer at Blue Pool Capital, said, “Tabby’s ability to innovate and deliver exceptional products is truly impressive. Their strong revenue growth and operational efficiency set them apart from other fintech companies globally. We are incredibly excited to support the team on their mission.”
Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, said, “We are consistently impressed with Tabby’s remarkable ability to execute and build significant momentum in such a short time. Their unwavering dedication to delivering innovative products and solutions to customers reinforces our strong belief in Tabby’s bright future. We are excited to continue our partnership as they redefine the financial services landscape in the region.”
By 2025, Tabby will have over 40,000 sellers and over 15 million registered users, generating over $10 billion in sales annually.
