Tabby secures $160m in a Series E funding

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Saudi BNPL fintech Tabby raises $160 million at a $3.3 billion valuation. Funding led by Blue Pool Capital and Hassana Investment Company. What happened: Tabby raises $160m in Series E funding and boosts valuation to $3.3b and advancing IPO plans Tabby, a Saudi Arabia-based buy now, pay later (BNPL) fintech, has raised $160 million in a Series E funding round, achieving a valuation of $3.3 billion. The round was led by Blue Pool Capital and Hassana Investment Company, with participation from existing investors STV and Wellington Management.

This follows Tabby’s $200 million Series D round in 2023, which propelled the company to unicorn status with a $1.5 billion valuation. With the Series E funding, Tabby plans to further develop its financial services suite, including digital spending accounts, payments, cards, and money management tools. The company also stated that the financing strengthens its position as it prepares for an initial public offering (IPO). Reports suggest Tabby has enlisted HSBC, JP Morgan, and Morgan Stanley to support its potential IPO in Saudi Arabia by late 2025 or 2026, though details remain unconfirmed.

Also read: Merit Systems raises $10 million from a16z and Blockchain Capital Also read: Amazon to acquire Indian BNPL firm Axio Why it’s important Tabby’s latest funding round highlights the growing prominence of BNPL services in the Middle East’s fintech landscape. The $160 million investment, led by prominent firms like Blue Pool Capital and Hassana Investment Company, underscores investor confidence in Tabby’s business model and growth potential. The planned IPO, supported by major banks like HSBC and JP Morgan, positions Tabby as a key player in the region’s financial services sector.

As BNPL services gain traction globally, Tabby’s success could pave the way for further innovation and investment in Middle Eastern fintech, contributing to the region’s digital transformation and economic diversification efforts.