Tabby
“Can a regional BNPL pioneer in MENA become the financial super-app of choice for a credit-card-light consumer base before going public?”
Founded2019
HQRiyadh, Saudi Arabia
FoundersHosam Arab
Total raised$1.65B
Latest roundSeries E, February 2025
Valuation$4.5B (October 2025 secondary); $3.3B post-Series E (Feb 2025)
IndustryFintech / Lending
The story
Tabby launched in 2019 as a pure BNPL checkout button serving MENA shoppers, where credit-card penetration is low but spending power is high. The 2023–2024 phase saw it evolve into a full financial-services and shopping app — adding the Tabby Card (Visa) for off-merchant Pay-in-4, acquiring Tweeq to add a digital wallet, and launching Tabby Capital Fund I to finance the receivables book off-balance-sheet. The company is now positioning as MENA's leading fintech super-app with IPO ambitions and is exploring B2B working-capital extensions of its underwriting engine.
Product timeline
2019
Founded as MENA-focused BNPL platform in Dubai.· founding
2023
Series D at $1.5B valuation; first fintech unicorn in the Gulf.· funding
2024
Tabby Capital Fund I launched as ADGM-regulated private credit vehicle for BNPL receivables.· lending
2024
Acquired Tweeq, a Saudi digital wallet, to expand into broader financial services.· acquisition
2024
Launched Tabby Card — a Visa card enabling Pay-in-4 anywhere Visa is accepted.· card
2025
Series E ($160M) at $3.3B valuation; IPO planning announced.· funding
2025
Partnership with Checkout.com to embed Tabby BNPL into Checkout.com's merchant base.· partnership
2025
Secondary sale at $4.5B valuation.· funding
Regulated entities
3
regulatory licences held by Tabby
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Tabby’s embedded-finance stack
Payments / PSP
Tabby BNPL (self-operated)Tabby Card (Visa, self-issued)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Open banking
in the full report
Accounting gap: minor
9 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.