Tabby raises $233 million to expand fintech services in Middle East

Middle East fintech company Tabby has raised $233 million in a new equity round, bringing its valuation to $6.5 billion. The funding round was led by Blue Pool Capital, with participation from HSG, Wellington Management, and Arbor Ventures.

Tabby, which has been profitable since 2023, intends to use the capital to expand its services beyond buy now, pay later (BNPL) into a broader digital financial services platform. The company aims to grow its credit and money management offerings in Saudi Arabia and the United Arab Emirates.

In Saudi Arabia, Tabby has secured consumer and SME finance licences from the Saudi Central Bank and acquired the digital wallet Tweeq. In the UAE, the company obtained a Stored Value Facilities licence from the Central Bank of the UAE, enabling the launch of Tabby Cash, a service providing spending accounts, cards, and cashback features without traditional account or card fees.