Tabby hits $3.3bn valuation in $160m Series E funding

Shariah-compliant buy-now-pay-later app Tabby has raised $160 million in a Series E funding round, more than doubling its valuation to $3.3 billion. 

The latest funding round was led by Hong Kong-based investment advisory firm Blue Pool Capital and Saudi Arabia’s Hassana Investment Company, with participation from STV and Wellington Management.

Funds raised in the latest round will help accelerate the expansion of Tabby’s financial services, including digital spending accounts, payments, cards, and money management tools. 

“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,” said Hosam Arab, CEO of Tabby. 

Tabby’s valuation has more than doubled from its last funding round in October 2023, in which it raised $200 million in equity financing at a valuation of over $1.5 billion. 

Since its last funding round, the company has almost doubled its annualized transaction volumes to top $10 billion. Tabby has more than 15 million registered users and over 40,000 sellers.

The company has introduced a string of initiatives, including Tabby Card for flexible payments beyond checkout, a subscription as well as a buyer protection program. In addition to evolving its core BNPL offering with longer-term payment plans, it recently acquired Saudi-based digital wallet, Tweeq. 

The financial services app is looking to pursue an IPO in Saudi Arabia.