Dubai-based fintech Tabby raised $233 million in a Series F round led by Blue Pool Capital, the Hong Kong investment firm tied to Alibaba chairman Joseph Tsai, pushing its valuation to $6.5 billion. HSG, Wellington Management, and Arbor Ventures also participated. The new valuation surpasses New York-listed rival Klarna, whose market cap has fallen more than 60% since its IPO last year to roughly $5.2 billion.
Tabby, which started as a buy-now-pay-later service, has been profitable since 2023 and now processes more than $18 billion in annualized transaction volume across 25 million registered users and 70,000 partner merchants, including Amazon, Apple, IKEA, and Samsung. The company is using the fresh capital to expand beyond BNPL into broader credit and money-management products across Saudi Arabia and the UAE.
Key moves include securing consumer and SME finance licenses from the Saudi Central Bank, acquiring SAMA-licensed digital wallet provider Tweeq, and launching a Tabby Cash product in the UAE under a Stored Value Facilities license. CEO Hosam Arab said the strategy reflects a belief that "people deserve more from their money."