Saudi's fintech Tabby bags $200M in Series D at $1.5B valuation

Tabby, a fintech based in Saudi Arabia, has raised $200 million in Series D equity financing at a valuation of $1.5 billion, ahead of a planned IPO in the country, making it the region's first fintech unicorn.

The round was led by Wellington Management, with participation from Bluepool Capital, STV, Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures.

The company plans to use funds to enhance its finances and shopping products for both consumers and retailers.

“Tabby created a industry and is transforming the way people consume and pay across MENA. The team built an enterprise that is a reference model in terms of both discipline and disruption; two things that are hard to crack in-tandem,” said Abdulrahman Tarabzouni, Founder and CEO of STV.

Tabby, a UAE-based fintech founded by Hosam Arab and Daniil Barkalov in 2019, is a shopping and financial services app with more than $6 billion in annualised transaction volume. With 10 million users and 30,000 brands, it works with 10 of the largest retail groups in the MENA region. 

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Tabby Shop showcases over 500,000 products from thousands of brands, helping shoppers discover and track the best deals. Tabby's use as a payment method in physical stores, including Tabby Card, is accelerating, reaching over 20% of total volumes.

The financing fortifies Tabby's balance sheet to meet the accelerating demand for its flagship buy now, pay later offering.

“Tabby set out with a purpose to reshape financial services–one that’s fair and responsible–and with this investment we can advance our mission across Saudi Arabia and the UAE,” said Arab, CEO and Co-Founder of Tabby.

In January this year, Tabby raised $58 million from Sequoia Capital India, PayPal Ventures, STVI, Arbor Ventures, Mubadala Investment Capital, and Endeavor Catalyst, to expand its product line and support its operations.