Saudi Arabia’s fintech crown jewel, Tabby, has taken another giant step toward public markets after confirming a secondary share sale that cements its valuation at $4.5 billion.
The move doesn’t raise new capital for the company; rather, it allows early backers to cash out while bringing heavyweight new investors aboard.
The Deal That Signals Confidence
Announced on October 28, 2025, the transaction saw major global players, including HSG (HongShan Capital) and Boyu Capital, purchase shares from existing shareholders.
No new equity was issued, making this a pure secondary sale designed to provide liquidity for early investors such as Mubadala and Tabby’s Series E participants.
The result? A market-validated valuation that surged from $3.3 billion to $4.5 billion in under nine months, reflecting strong investor confidence in Tabby’s fundamentals and growth trajectory.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” said Hosam Arab, Tabby’s Co-Founder and CEO.
From the investor side, Rock Wang of HSG praised Tabby’s “exceptional execution,” while Joey Chen of Boyu Capital highlighted its “strong product innovation” and “proven ability to scale.”
| Valuation Milestones | Date | Event | Valuation |
|---|---|---|---|
| Series D | Oct 2023 | $200M raise | $1.5B |
| Series E | Feb 2025 | $160M raise | $3.3B |
| Secondary Sale | Oct 2025 | Liquidity event | $4.5B |
This jump marks a textbook pre-IPO warm-up, which is a liquidity exercise and confidence test ahead of an expected public debut.
Tabby: The BNPL Titan of the Gulf
Founded in 2019 by Hosam Arab and team (originally in Dubai, now headquartered in Riyadh), Tabby has evolved from a buy-now-pay-later disruptor into one of MENA’s largest fintechs.
Its model is simple but powerful: customers can split purchases into four interest-free payments or stretch payments over 12 months across 40,000+ merchants, including global names like Amazon, SHEIN, Adidas, IKEA, H&M, Samsung, and Noon, as well as regional brands.
By the numbers (2025):
- 15+ million users across Saudi Arabia, the UAE, and Kuwait
- $10+ billion annualised transaction volume
- 40,000+ retail partners
- Mission: Empowering millions to “shop now, pay smart”
Tabby’s momentum aligns perfectly with Saudi Vision 2030, which has driven a regional fintech boom and a 25% year-over-year surge in Gulf e-commerce.
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Inside the IPO Countdown
Tabby’s IPO clock is officially ticking. Back in February 2025, Arab confirmed that the company had begun preparing for a listing within 18 months, targeting Q3 2026.
Recent updates suggest the timeline could tighten to 12–18 months, with a likely debut on the Saudi Exchange (Tadawul).
Why now?
- Valuation proof: $4.5B in secondary trading shows market appetite.
- Liquidity achieved: Early investors exit cleanly pre-IPO.
- Favourable market: Tadawul’s fintech listings are performing strongly.
- Strategic expansion: Tabby is pushing beyond BNPL into cards, credit, and AI-driven fraud detection.
IPO Roadmap
| Phase | Timeline | Focus |
|---|---|---|
| Secondary Sale & Investor Roadshows | Oct 2025 | Build market confidence |
| Prospectus Filing & Audits | Q1–Q2 2026 | Compliance and disclosure |
| Public Listing | H2 2026 | Expected Tadawul debut |
Analysts estimate a potential $5 billion+ IPO valuation if market conditions hold steady.
The Bigger Picture: Saudi Arabia’s Fintech Moment
Tabby’s rise embodies Saudi Arabia’s transformation into MENA’s fintech hub, with venture funding surpassing $1 billion in 2025.
As the Gulf’s top BNPL platform and one of its fastest-scaling consumer tech brands, Tabby represents the future of financial services for over 100 million young, mobile-first shoppers.
If its listing goes as expected, Tabby could become Saudi Arabia’s first fintech unicorn in the making and a signal that the region’s homegrown startups can compete on a global scale.
Tabby UAE: Flexible Payments and Financial Growth
Tabby UAE is one of the region’s fastest-growing fintech platforms, offering flexible “Buy Now, Pay Later” solutions through the Tabby app.
Users can easily manage payments via the Tabby login and explore instant credit options like the Tabby cash loan. Businesses can also partner through Tabby Business to boost sales and customer retention.
For assistance, customers can reach out using the Tabby contact number UAE, available on the app or official website.
Meanwhile, as market watchers track fintech IPOs, investors are also eyeing the Tabby IPO price and recent Lenskart IPO news, highlighting growing confidence in the regional digital finance sector.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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