Saudi Arabia’s Fintech Giant Tabby Doubles Valuation to $3.3 Billion After Series E Funding

Saudi Arabia’s first fintech unicorn, Tabby, has doubled its valuation to $3.3 billion following a successful $160 million Series E funding round, solidifying its status as the most valuable fintech company in the Middle East and North Africa (MENA).

The funding round was led by Hong Kong-based Blue Pool Capital and Hassana Investment Co., the investment arm of Saudi Arabia’s General Organization for Social Insurance. Other key participants included STV and Wellington Management.

Tabby’s Rapid Growth and Market Leadership

Since its last $200 million Series D funding round in 2023, Tabby has witnessed exponential growth, doubling its annualized transaction volumes to exceed $10 billion. The company first achieved unicorn status—a designation for private startups valued at $1 billion or more—after its 2023 fundraising success.

This latest investment is expected to fuel Tabby’s expansion into new financial services, including digital spending accounts, payments, cards, and money management tools. The company has already diversified its offerings beyond its buy now, pay later (BNPL) service, introducing the Tabby Card for flexible payments and acquiring digital wallet Tweeq. It also launched Tabby Plus, a subscription-based service.

“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers,” said Hosam Arab, CEO and co-founder of Tabby.

“We’re focused on creating tangible impact—helping people take control of their finances with tools that are accessible, effortless, and built for their everyday lives.”

Saudi Arabia’s Vision for a Thriving Fintech Sector

Tabby’s success aligns with Saudi Arabia’s National Unicorn Program, an initiative aimed at increasing the number of high-growth startups, creating jobs, and boosting GDP. The program is a joint effort by:

• The Ministry of Communication and Information Technology,
• The Mohammed bin Salman Foundation, and
• The National Technology Development Program.

It provides startups with support services, market expansion opportunities, and investor connections.

A Strategic Move Toward an IPO

In 2023, Tabby announced plans for an initial public offering (IPO) in the Saudi stock market, following its headquarters relocation from the UAE to Saudi Arabia. The company’s latest funding round further strengthens its position ahead of the anticipated stock market listing.

Tabby now boasts over 15 million registered users and a network of more than 40,000 merchants on its platform, reinforcing its dominance in the MENA fintech sector.

With the additional capital, the company aims to accelerate product development, enhance financial accessibility, and maintain its leadership in the region’s evolving digital economy.