Dubai-based Islamic buy-now-pay-later (BNPL) company Tabby will be relocating its headquarters to Saudi Arabia ahead of its IPO on the Saudi Exchange (Tadawul).
“With this move, we aim to amplify our reach and impact, reinforcing our commitment to deliver unparalleled financial solutions to our customers in the region. We’re equally dedicated to fostering local talent and contributing to the growth of the Saudi economy,” Tabby said on its official LinkedIn platform.
This announcement follows Tabby signing an MoU with Saudi’s Ministry of Investment to support financial inclusion and SMEs in the Kingdom.
The fintech company, which is also present in Kuwait, Bahrain, Qatar and Egypt, secured an operating license from the Saudi Central Bank in July.
Tabby has built a user base of over 4 million active customers and grown its merchant network to over 15,000 businesses since its founding in 2019 by Hosam Arab and Daniil Barkalov. At least 80% of Tabby’s community originate from Saudi Arabia, according to the start-up.
The start-up is one of the most funded start-ups in the GCC, raising at least US$410 million over 10 rounds, according to data provider Tracxn. Its US$58 million Series C funding in January raised its valuation to US$660 million, which helped it secure a debt facility for an undisclosed amount in May. Sequoia Capital India, STV, PayPal Ventures and Mubadala Investment Capital are among its backers.
The global BNPL market is projected to reach US$20.4 billion by 2028, registering a cumulative annual growth rate (CAGR) of 22.4% from 2021-28, according to Grand View Research. In Saudi Arabia, BNPL payments are expected to rise by 50.1% to US$284.7 million this year with a CAGR of 16.4% over the same period.