Tabby raises $230M at $6.5B valuation as it pushes past BNPL
What's the deal? Saudi-headquartered fintech Tabby has raised $233 million in a Series F valuing it at $6.5 billion. Blue Pool CapitalDealroom has a profile for this one. Try Dealroom →, the Hong Kong firm that manages the assets of Alibaba co-founder Joe Tsai, led the round, with HSGDealroom has a profile for this one. Try Dealroom →, Wellington Management, and Arbor VenturesDealroom has a profile for this one. Try Dealroom → also participating.
Why it stands out: The valuation is nearly double the $3.3 billion Tabby fetched at its $160 million Series E in February 2025, and 44% above the $4.5 billion implied by an October secondary sale. Blue Pool first backed Tabby in its 2023 Series D and co-led the Series E.
What's the endgame? Tabby is moving beyond the buy now, pay later (BNPL) product it built its business on. It won consumer and SME finance licences from the Saudi Central Bank this year, and a Stored Value Facilities licence in the UAE, where it launched Tabby Cash, a spending account with a card and transfers.
By the numbers: Tabby says it has been profitable since 2023 and now processes more than $18 billion in annualised transaction volume across 25 million users and 70,000 business partners — up from $10 billion, 15 million customers, and 40,000 merchants at the Series E. Its Saudi subsidiary posted about $378 million in revenue and $55 million in net profit in 2025, up 42% and 82%.
What could go wrong? Profit growth has slowed as Tabby spends more on its Saudi operation and provisions for credit losses. In the second quarter, subsidiary revenue rose 21% year on year while net profit fell 54%. The round also remains subject to regulatory approvals.
The Series F combines fresh equity with another employee liquidity round; Tabby says it has facilitated more than $100 million in share sales since 2023. "We began with a button at an online checkout to help people spread costs over time," co-founder and chief executive Hosam Arab said. "Everything since, every product and every licence, has come back to the same idea: people deserve more from their money."
The signal: Tabby has spent three years preparing for a long-awaited Saudi listing, moving its headquarters to Riyadh in 2023 and drawing links to HSBCDealroom has a profile for this one. Try Dealroom →, JPMorganDealroom has a profile for this one. Try Dealroom →, and Morgan StanleyDealroom has a profile for this one. Try Dealroom → as advisers. The business it would present to public markets is now broader than a BNPL firm — increasingly using its customers, merchant ties, and repayment data to push into lending, accounts, cards, and payments.
Read more: fwdstart.me
Image credit: tabby
