Tabby raises $233M Series F at $6.5B valuation as it pushes beyond BNPL

Saudi-headquartered fintech Tabby, has raised $233 million in a Series F valuing the Saudi fintech at $6.5 billion, as it expands from buy now, pay later into consumer lending, SME finance and everyday money management.

Blue Pool Capital, the Hong Kong investment firm that manages the assets of Alibaba co-founder Joe Tsai and other wealthy families, led the round. The firm first backed Tabby in its 2023 Series D and co-led its $160 million Series E last year. HSG, Wellington Management and Arbor Ventures also participated.

The transaction remains subject to regulatory approvals, including from the Saudi Central Bank.

The $6.5 billion valuation is nearly double the $3.3 billion at which Tabby raised its $160 million Series E in February 2025, and 44% above the $4.5 billion implied by an October secondary sale to HSG, Boyu Capital and other investors.

The Series F combines fresh equity with another liquidity opportunity for employees, with Tabby disclosing that it’s facilitated more than $100 million in share sales for current and former employees through tender offers since 2023.

The company says it’s been profitable since 2023 and now processes more than $18 billion in annualised transaction volume across 25 million registered users and 70,000 business partners. At the time of its Series E, it was processing more than $10 billion across 15 million customers and 40,000 merchants.

The latest financing comes as the company moves beyond the four-payment product on which it built its business.

In Saudi, Tabby secured consumer and SME finance licences from SAMA this year, allowing it to offer larger and longer-term loans to consumers and working capital to merchants. It also owns Tweeq, the SAMA-licensed digital wallet it acquired in 2024, giving it capabilities across accounts, cards and transfers.

In the UAE, Tabby secured a Stored Value Facilities licence from the central bank and has since launched Tabby Cash, a spending account with a card, cashback and domestic and international transfers.

“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.”

Tabby’s Saudi financing subsidiary provides by far and away the clearest public view into the economics of the privately held group, with the company generating about $378 million in revenue and $55 million in net profit in 2025, up 42% and 82% respectively, according to its published end of year accounts.

Profit growth has slowed this year as Tabby spends more heavily on its Saudi operation and provisions more for credit losses. In the second quarter, revenue at the subsidiary rose 21% year on year while net profit fell 54%.

Tabby has also spent the past three years laying the groundwork for a long awaited Saudi listing. It moved its headquarters to Riyadh in 2023 and has been linked with HSBC, JPMorgan and Morgan Stanley as advisers on a potential Tadawul IPO.

The business presented to public-market investors would now be broader than the BNPL company that first reached unicorn status. Instalments may remain its largest product, but Tabby is increasingly using the customers, merchant relationships and repayment data built through its initial BNPL offering to expand into lending, accounts, cards and payments.