Saudi Arabia-based fintech Tabby has raised $233mn at a $6.5bn valuation, up from $3.3bn 19 months ago, as investors back its expansion from buy-now-pay-later into a broader regulated consumer-finance and payments business.
The Series F round was led by existing investor Blue Pool Capital, with participation from HSG, Wellington Management and Arbor Ventures. Tabby had raised $160mn at a $3.3bn valuation in February 2025 before a secondary transaction lifted its valuation to $4.5bn that October.
The re-rating comes as Tabby broadens its revenue base beyond short-term instalment payments. In Saudi Arabia, licences from the Saudi Central Bank allow the company to offer consumer and SME finance, while its acquisition of digital wallet Tweeq adds payments, cards and transfer capabilities. A UAE stored-value licence supports its expansion into digital money-management services.
The strategic shift is significant. Consumer lending, SME finance, wallets and cards give Tabby opportunities to increase revenue per customer and deepen financial relationships beyond individual BNPL transactions, while diversifying income across a wider product base.
Tabby says it has been profitable since 2023, processes more than $18bn in annualised transaction volume, and serves 25mn registered users and about 70,000 business partners. Annualised transaction volume stood at more than $10bn when it completed its Series E round in February 2025, indicating rapid expansion alongside the valuation increase.
Chief Executive Hosam Arab has said the company has no immediate plans for a public listing, suggesting the latest capital is intended primarily to fund expansion rather than prepare for a near-term IPO.
The central test now is whether Tabby can convert the large customer base built through BNPL into longer-term, higher-value financial relationships. Its latest valuation increasingly reflects that expectation rather than the economics of instalment payments alone.
The transaction remains subject to applicable regulatory approvals, including from the Saudi Central Bank.
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