- Companies
- Tabby
Tabby Revenue, Valuation, Funding & Investors
Tabby is valued at $6.5B as of September 2026, a 17.2x revenue multiple. Tabby revenue was $378M, as disclosed with its latest round.
Last Tabby valuation
$6.5B
Series F · Sep 2026
Last Tabby funding round
$233M
Series F · Sep 2026
Tabby revenue
$378M
Series F · Sep 2026
Key investors in Tabby
Arbor Ventures
STV
Mubadala
Global Founders Capital
Wellington Management
Raed Ventures
About Tabby
Tabby is a Saudi Arabia-headquartered financial services and shopping app that began as a buy-now-pay-later provider and has widened into cards, spending accounts and consumer finance. It was founded in 2019 by Hosam Arab and Daniil Barkalov and is based in Riyadh. Shoppers can split purchases into interest-free instalments or pay later, online and in store, while merchants pay a fee on each transaction. The company is active in Saudi Arabia, the United Arab Emirates and Kuwait and works with tens of thousands of brands and small businesses. It acquired the Saudi digital wallet Tweeq in 2024 and received finance licences from the Saudi Central Bank in June 2026. Tabby has raised equity from investors including Arbor Ventures, Mubadala, STV, Wellington Management, Blue Pool Capital and Hassana, and was valued at 6.5 billion dollars in its September 2026 Series F.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Commission
Revenue
$378M (Sep 2026)
Valuation
$6.5B (Sep 2026)
Sectors
Tabby Valuation
Tabby is currently valued at $6.5B, based on its Series F in September 2026. Read the announcement ↗
The $233M round was led by Blue Pool Capital, with participation from Wellington Management, Arbor Ventures and HSG.
Tabby's valuation has grown 22x from $300M at its Series B in August 2021 to $6.5B in September 2026, across 6 priced rounds.
Tabby valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Series F | $6.5B | 17.2x |
| Oct 2025 | Secondary | $4.5B | 11.9x |
| Feb 2025 | Series E | $3.3B | 34.4x |
| Nov 2023 | Series D | $1.5B | - |
| Jan 2023 | Series C | $660M | - |
| Aug 2021 | Series B | $300M | - |
Tabby Revenue
Tabby's latest recorded revenue is $378M, as of its Series F in September 2026. At a $6.5B valuation, that implies a 17.2x revenue multiple.
Revenue grew from $96M in February 2025 to $378M in September 2026, while the revenue multiple moved from 34.4x to 17.2x.
Tabby revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2026 | $378M | $6.5B | 17.2x | Series F |
| Oct 2025 | $378M | $4.5B | 11.9x | Secondary |
| Feb 2025 | $96M | $3.3B | 34.4x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Tabby Funding History
Tabby has raised a total of $837M across 11 funding rounds, plus 1 secondary share sale.
Tabby's first fundraising round was a $2M seed round in November 2019. The most recent completed round was a $233M Series F in September 2026.
Tabby funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series F | Blue Pool Capital (lead); Wellington Management; Arbor Ventures; HSG | $233M | $6.5B | Tabby raised $233 million in a Series F equity round led by Blue Pool Capital, with participation from existing investors HSG, Wellington Management and Arbor Ventures, at a $6.5 billion valuation in September 2026. The round included a liquidity option for employees and was described as supporting expansion into broader credit and money management, with the company also positioning the financing as part of its move beyond buy now, pay later into consumer and SME lending, digital wallets, accounts, cards and money transfers. Tabby is a Riyadh-based fintech operating across Saudi Arabia and the UAE, originally known for buy-now-pay-later services and later expanding toward a wider financial services platform. The company said the new capital would accelerate growth in its financial services offering and build out teams and products to serve customers across more of their financial lives, while also reflecting earlier secondary sales for employees and prior valuation increases before this Series F round. |
| Oct 2025 | Secondary | Boyu Capital; HSG | - | $4.5B | In October 2025, Tabby completed a secondary share sale in which HSG, Boyu Capital, and other investors acquired shares from existing shareholders, implying a $4.5B valuation for the company. The transaction was secondary only, with no new Tabby shares issued and no proceeds received by Tabby. The deal reflected continued investor demand for exposure to Tabby after its earlier 2025 financing round, which had valued the company lower. The October transaction was described as involving existing investors selling down part of their holdings while new backers bought in, supporting Tabby’s position as one of the region’s most valuable fintech companies. Tabby is a Saudi Arabia–headquartered financial services app focused on consumer spending and payments. In the October 2025 transaction, Boyu Capital participated alongside HSG as a co-investor in the secondary sale. |
| Feb 2025 | Series E | Blue Pool Capital (lead); Hassana Investment Company (HIC) (lead); Wellington Management; STV | $160M | $3.3B | Tabby, a Riyadh-headquartered buy-now-pay-later (BNPL) fintech founded in 2019, raised $160 million in a Series E funding round in February 2025, achieving a post-money valuation of $3.3 billion, making it the most valuable VC-backed startup in the MENA region. The round was led by Blue Pool Capital and Hassana Investment Company (HIC), with participation from STV and Wellington Management. This marked a significant increase from its prior valuation, doubling to $3.3 billion, and positioned the company for further expansion ahead of a potential IPO. At the time of the round, Tabby reported over 15 million registered users and partnerships with more than 40,000 sellers across Saudi Arabia, UAE, and Kuwait, driving annualized transaction volumes (or sales volume) exceeding $10 billion, nearly doubling since its October 2023 funding. The company has expanded beyond core BNPL with products like Tabby Card for flexible payments, Tabby Plus subscription, Tabby Shop for deal discovery, Tabby Care for buyer protection, and the acquisition of Saudi digital wallet Tweeq. Proceeds are earmarked for accelerating financial services including digital spending accounts, payments, cards, and money management tools. Tabby's business model primarily monetizes through 3-4% merchant fees per transaction, enabling interest-free installments for customers while boosting merchant conversion and basket sizes. In H1 2025 financials (post-round), the Saudi entity reported net profit of SAR 90.4 million ($24 million), up 360% YoY, driven by 43% higher merchant commissions (SAR 592.8M/$158M), 136% jump in customer extension fees (SAR 37.3M/$9.95M), and lower credit loss provisions, despite no late fees per Shariah compliance and rising expenses. Merchant commission income is noted as a key revenue component. By October 2025, Tabby's valuation rose to $4.5 billion in a secondary sale, reflecting continued momentum. Total funding reached $1.65 billion by 2025, with strong operational efficiency and profitability highlighted by investors. |
| Jan 2024 | Strategic investment | STV | - | - | STV disclosed on January 25, 2024 that Tabby was the first company to receive its Non-Dilutive Investment in Callable Equity, or NICE, financing. The instrument is structured as callable equity: the company sells shares to the investor and receives an option, but not an obligation, to repurchase those shares in revenue-linked installments. STV presents the structure as a Sharia-compliant alternative to venture debt, with variable buybacks and no conventional debt covenants. The announcement stated that three companies had raised an aggregate $26 million through NICE structures, but it did not isolate Tabby's amount, valuation, ownership percentage or closing date. Those transaction economics therefore remain unset. Tabby provides buy-now-pay-later and broader consumer-finance products to users and merchants across Saudi Arabia and other Gulf markets. This structured financing is distinct from Tabby's priced Series A through Series E equity rounds already recorded in the database. |
| Dec 2023 | Series D | Hassana Investment Company (HIC) (lead); Saudi Venture Capital Company; Soros Capital Management | $50M | - | In December 2023 Tabby extended its Series D equity round by about $50 million, taking the total from $200 million to $250 million. The additional capital came from Hassana Investment Company, the Saudi investment manager that joined as a new investor, together with Saudi Venture Capital Company and Soros Capital Management. The extension followed the $200 million Series D led by Wellington Management in November 2023 at a valuation of $1.5 billion. It was announced alongside a $700 million asset-backed credit facility from JPMorgan. Tabby is a Riyadh-based buy-now-pay-later and consumer finance app that lets shoppers split purchases into instalments across Saudi Arabia, the UAE and Kuwait, and it earns its revenue chiefly from merchant fees. |
| Nov 2023 | Series D | Wellington Management (lead); Arbor Ventures; Saudi Venture Capital Company; Blue Pool Capital; Hassana Investment Company (HIC); Soros Capital Management; STV; Mubadala | $200M | $1.5B | Tabby is a Riyadh-headquartered buy-now-pay-later (BNPL) platform founded in 2019, offering interest-free installment payments for online and in-store purchases across the MENA region, primarily monetizing through 3-4% merchant fees per transaction. It has expanded into broader financial services, including Tabby Card for flexible payments, Tabby Plus subscription, Tabby Care buyer protection, longer-term plans, and Tabby Shop for deals, while acquiring Saudi digital wallet Tweeq. In November 2023, Tabby raised $200 million in a Series D round led by Wellington Management, with participation from Arbor Ventures, Blue Pool Capital, Hassana Investment Company, Mubadala, Saudi Venture Capital Company, Soros Capital Management, and STV, achieving a post-money valuation of $1.5 billion and unicorn status in the MENA region. This followed a $58 million Series C in January 2023 at $660 million valuation led by Sequoia Capital India and STV with PayPal Ventures, and earlier Series B rounds totaling over $100 million. The round supported Tabby's growth phase, with operations expanding to markets like Egypt and product diversification into consumer financial services. By late 2023 into 2024, Tabby reported over 15 million registered users, 40,000+ merchants, and annualized transaction volumes doubling to over $10 billion post-Series D, while maintaining profitability paths. Subsequent developments include a February 2025 Series E of $160 million led by Blue Pool Capital and Hassana with STV and Wellington, valuing Tabby at $3.3 billion—the highest for a MENA VC-backed startup—and a 2025 secondary sale at $4.5 billion. Funds fueled further expansion into digital spending accounts, payments, cards, and money management ahead of a planned IPO, aligning with Saudi Vision 2030's cashless economy push. Later financials show H1 2025 net income of SAR 90.4 million from finance commissions and merchant fees. |
| Jan 2023 | Series C | Peak XV Partners (lead); STV (lead); PayPal Ventures; Arbor Ventures; Endeavor Catalyst; Mubadala | $58M | $660M | Tabby is a MENA-based buy now, pay later (BNPL) fintech startup headquartered in Dubai, enabling consumers to split purchases into interest-free installments, targeting markets like Saudi Arabia, UAE, and expanding into Egypt. The company launched in 2019 and has raised over $410 million in equity and debt by early 2023. On January 17, 2023, Tabby secured a $58 million Series B extension round led by Peak XV Partners (formerly Sequoia Capital India) and STV, with participation from Mubadala Investment Capital, Arbor Ventures, Endeavor Catalyst, and PayPal Ventures, marking PayPal Ventures' first investment in the GCC region. The round valued Tabby at a post-money valuation of $660 million, doubling its valuation from 18 months prior despite a smaller raise amid global valuation pressures, positioning it as one of the most valuable startups in the MENA region at the time. Funds were earmarked for expanding product offerings into broader consumer financial services, such as everyday purchases like groceries without credit cards, and supporting operational growth. CEO Hosam Arab highlighted the valuation as validation of product-market fit and sustainable business building in a competitive BNPL space against rivals like Tamara, Sympl, and Khazna. Peak XV's GC Ravishankar noted Tabby's potential for innovative products enhancing affordability and access. This investment built on prior rounds, including a Series B extension in June prior. Subsequent developments include a $200 million Series D in October 2023, a $160 million Series E pre-IPO in February 2025 at $3.3 billion valuation led by Blue Pool Capital and Hassana with STV participation, and a secondary share sale reaching $4.5 billion valuation backed by HSG and Boyu Capital. |
| Mar 2022 | Series B | Peak XV Partners (lead); STV (lead); Arbor Ventures; Global Founders Capital; Mubadala | $54M | - | Tabby is a fintech platform that enables customers to divide payments into four monthly installments with 25 percent paid upfront. The company raised $54 million in a Series B round in March 2022 led by Peak XV Partners and STV, with participation from other investors including Global Founders Capital, Mubadala Investment Capital, Arbor Ventures, and PayPal Ventures. The company continued fundraising, ultimately raising $160 million in a Series E round in February 2025 at a $3.3 billion valuation, with plans to prepare for an IPO. |
| Aug 2021 | Series B | Global Founders Capital (lead); STV (lead); Jameel Investment Management Company; Arbor Ventures; VentureSouq; HOF Capital; Outliers Venture Capital; Mubadala; Delivery Hero; MSA Novo; Global Ventures; Raed Ventures | $50M | $300M | Tabby is a UAE-based buy now, pay later (BNPL) fintech platform operating as the leading provider in Saudi Arabia and the UAE. The company enables users to shop and pay later across a portfolio of over 3,000 global and regional retail partners, including brands like Adidas, IKEA, SHEIN, and regional retailers such as Chalhoub Group and Al Futtaim Group. In August 2021, Tabby closed a $50 million Series B funding round led by Global Founders Capital and STV at a post-money valuation of $300 million. The round included participation from existing investors Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF, as well as new investors Delivery Hero and CCVA. This funding brought Tabby's total capital raised to over $130 million within less than two years of its November 2019 seed round. The company used the proceeds to expand its product portfolio and enter new markets across the MENA region. By the time of this round, Tabby had established merchant relationships with more than 2,000 partners spanning both global luxury and regional retail segments, positioning itself as a rapidly scaling fintech solution in the Middle East. |
| Dec 2020 | Series A | Arbor Ventures (lead); Mubadala (lead); Jameel Investment Management Company; VentureSouq; Global Founders Capital; HOF Capital; STV; Outliers Venture Capital; MSA Novo; Global Ventures; Raed Ventures | $23M | - | Tabby is a buy-now-pay-later (BNPL) platform offering interest-free installment payments for online and in-store purchases across the Middle East, including Saudi Arabia, UAE, and Kuwait. Founded in 2019 and headquartered in Riyadh, it monetizes primarily through merchant fees of approximately 3-4% per transaction, along with customer subscription services like Tabby Plus and card fees. The company secured a $23 million Series A funding round in December 2020 from investors including Arbor Ventures and Mubadala, following a $7 million seed round in June 2020. In 2020, Tabby's annual customer spending, reported as transaction volume or GMV, reached $0.3 billion, with a user base of 0.4 million and partnerships with around 2,000 merchants. The platform focused on rapid user acquisition and merchant network expansion in the early stages. Tabby has since scaled dramatically, achieving over $10 billion in annualized transaction volume by 2024-2025, 15 million users, and 40,000+ merchant partners. Total equity funding reached approximately $602 million by 2025, plus over $1 billion in debt facilities. Later rounds included a $160 million Series E in February 2025 at $3.3 billion valuation and a $4.5 billion secondary valuation in October 2025. The company became profitable, reporting SAR 90.4 million net income in H1 2025, driven by net financing commissions of SAR 314.26 million and merchant fees of SAR 592.8 million. |
| Jun 2020 | Seed | Raed Ventures (lead); Arbor Ventures; MSA Novo | $7M | - | Tabby is a buy-now-pay-later (BNPL) fintech platform founded in 2019, operating in Saudi Arabia, the UAE, and Kuwait. The company provides flexible payment solutions for online and in-store purchases through interest-free installments, serving both consumers and merchants including major brands such as Adidas, IKEA, SHEIN, and Amazon. By August 2021, when Tabby completed its $50 million Series B round led by Global Founders Capital and STV, the company was valued at $300 million and had grown to over 400,000 active users with 3,000 daily app installs. The company later achieved a $3.3 billion valuation in February 2025 with its Series E round and subsequently reached a $4.5 billion valuation through secondary market activity in late 2025. |
| Nov 2019 | Seed | Global Founders Capital (lead); Arbor Ventures; Wamda Capital | $2M | - | Tabby, a buy-now-pay-later provider founded in 2019 to serve shoppers in the United Arab Emirates and Saudi Arabia, closed a seed round of about $2 million in November 2019. The round was led by Global Founders Capital, with participation from Arbor Ventures and Wamda Capital. The money funded the launch of the product and the first merchant integrations. Tabby lets consumers defer payment for online and in-store purchases for up to 30 days or split them into four interest-free instalments, earning its revenue mainly from merchant fees. It raised a further $7 million in June 2020 and a $23 million Series A in December 2020, and went on to become one of the most highly valued venture-backed fintech companies in the Middle East. |
Who has invested in Tabby?
23 investors have backed Tabby across its funding rounds, including Arbor Ventures, STV, Mubadala, Global Founders Capital, Wellington Management and Raed Ventures.
Lead investors include Blue Pool Capital, Hassana Investment Company (HIC), Wellington Management, Peak XV Partners, STV and 4 other investors.
Tabby Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 8 | Lead | Nov 2019 | ||
| 7 | Lead | Dec 2020 | ||
| 5 | Lead | Dec 2020 | ||
| 4 | Lead | Nov 2019 | ||
| 3 | Lead | Nov 2023 | ||
| 3 | Lead | Nov 2023 | ||
| 3 | Lead | Nov 2023 | ||
| 3 | Participant | Jun 2020 | ||
| 3 | Lead | Jun 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Nov 2023 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Nov 2023 | ||
This data is available for Pro users. Sign up to see all 23 Tabby investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Tabby
Tabby has acquired 1 company to date.
Last acquisition by Tabby was on September 3rd 2024. Tabby acquired Tweeq for undisclosed valuation.
Latest Acquisitions by Tabby
| Description | Tweeq was a Riyadh-based financial-technology company founded in 2020 to provide mobile spending accounts in Saudi Arabia. Individuals and small businesses used its application to receive and make payments, organize spending and set monthly budgets and longer-term financial goals. The product combined a digital wallet with account-management features and partnerships supporting card and payment infrastructure. Tweeq pursued the regulatory approvals needed to launch and expand its services under the Saudi financial-services framework. Its commercial model was built around payment services and account-related usage rather than conventional branch banking. BECO Capital invested in Tweeq at seed stage in 2021, separately from the seven-figure round announced that June and led by STV and Raed Ventures. Tabby acquired Tweeq in an all-stock transaction in 2024, after which the business became part of a broader regional consumer-finance platform. |
| HQ Country | |
| HQ City | Riyadh |
| Deal Date | 3 Sep 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Tabby acquisitions and their M&A valuation multiples. Start Free Trial | |
Tabby Competitors
Tabby competitors include listed companies like Block and PayPal, and private ones like Rappi, CRED, Sunbit and Swile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $5.3B | - | ||
| Private | $289M | - | $4.5B | 15.6x | ||
| Private | - | - | $1.1B | - | ||
| Private | $23M | - | $1B | 43.5x | ||
| Publicly listed | $24B | $2.2B | $46B | 1.6x | ||
| Publicly listed | $33B | $7.2B | $49B | 1.5x |
Tabby Public Comps
Tabby is still privately-owned, but its public comps include Temenos, ACI Worldwide, BGC Group, Klarna, Marex Group, Paymentus, Q2 Holdings, Sezzle, Kaspi.kz and LPL Financial.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $466M | 6.7x | 6.3x | 15.7x | 15.9x | |||
| $1.8B | $456M | 3.6x | 3.4x | 14.0x | 11.7x | |||
| $2.9B | $389M | 2.2x | 1.9x | 16.5x | - | |||
| $3.5B | $551M | 1.4x | 1.3x | 9.2x | 22.8x | |||
| $3.6B | $1.2B | 2.3x | 3.1x | 6.8x | 10.2x | |||
| $1.2B | $117M | 3.1x | 2.7x | 32.2x | 21.6x | |||
| $795M | $93M | 5.1x | 4.6x | 43.5x | 16.6x | |||
| $450M | $164M | 10.2x | 7.9x | 28.0x | 18.6x | |||
This data is available for Pro users. Sign up to see all Tabby competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tabby
| When was Tabby founded? | Tabby was founded in 2019. |
| Where is Tabby headquartered? | Tabby is headquartered in Riyadh, Saudi Arabia. |
| Is Tabby publicly listed? | No, Tabby is a private, VC-backed company. |
| What is Tabby's valuation? | Tabby was last valued at $6.5B in its Series F in September 2026. |
| How much funding has Tabby raised? | Tabby has raised $837M across 11 funding rounds. |
| What was Tabby's last funding round? | Tabby's last funding round was a $233M Series F in September 2026, led by Blue Pool Capital. |
| Who are Tabby's investors? | Tabby's investors include Arbor Ventures, STV, Mubadala, Global Founders Capital, Wellington Management, Blue Pool Capital, Hassana Investment Company (HIC), MSA Novo, Raed Ventures, Jameel Investment Management Company and 13 others. |
| What is Tabby's revenue? | Tabby's latest recorded revenue is $378M (September 2026). |
| What is Tabby's revenue multiple? | Tabby's latest valuation implies a 17.2x revenue multiple ($6.5B valuation on $378M of revenue). |
| Which companies are comparable to Tabby? | Companies comparable to Tabby include Rappi, CRED, Sunbit, Swile, Block and PayPal. |
| How many companies has Tabby acquired? | Tabby has acquired 1 company, including Tweeq. |
See companies similar to Tabby
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




