One of the Middle East’s first fintech unicorns, BNPL startup Tabby is consulting with HSBC, JPMorgan, and Morgan Stanley ahead of its prospective IPO.
Tabby, valued at over US$1.5 billion after its latest $200 million Series D funding round, has reportedly hired the three global banks to assist in preparations for its potential initial public offering (IPO) on the Saudi stock exchange.
Although no official statements have been made yet, people familiar with the matter suggest that Tabby’s IPO might be scheduled for late 2025 or 2026. The size of the potential offering is also yet unclear, as the firm might still raise some additional funding before the IPO and boost its current valuation.
Tabby is a payments and shopping app providing users with an opportunity to shop with flexible payment options online and in-store from global brands. The firm cooperates with tens of thousands of brands, including top retail groups in the MENA region. The company reports indicate that Tabby has attracted over twelve million registered users. Although there are no public disclosures of recent financial metrics, in late 2023, Tabby was reportedly processing around $6 billion in transaction volume annually.
Originally established in Dubai, Tabby shifted its headquarters to the Kingdom of Saudi Arabia in 2023 as part of its preparations for an anticipated listing in Riyadh. Like many stock exchanges, the Saudi Exchange favors companies that are locally headquartered or at least have significant operations within its jurisdiction. That helps to ensure compliance with local financial and corporate governance standards. Besides, headquarters in Saudi Arabia signal the company’s commitment to the Saudi market and its long-term dedication to the region. It can additionally boost confidence among local investors and stakeholders.
The firm’s BNPL and e-commerce services are currently available in Saudi Arabia, the United Arab Emirates, and Kuwait. At present, Tabby is focusing on deepening its presence in these existing markets rather than expanding into new countries.
