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Saudi Arabia–headquartered financial services app Tabby said on Monday it has completed a secondary sale of shares held by certain existing shareholders, implying a company valuation of $4.5bn.
As part of the transaction, HSG, Boyu Capital, and others acquired shares from existing investors. No new shares were issued, and Tabby did not receive any proceeds from the sale, the company said in a statement.
“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, CEO and co-founder of the buy-now-pay-later platform.
Tabby provides flexible payment solutions for over 40,000 global brands
“Tabby’s product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market,” said Rock Wang, MD at HSG. “We’re excited to partner with management as they continue to build a comprehensive financial services flywheel in a region with tremendous growth potential.”
Joey Chen, partner at Boyu Capital, added: “Tabby has demonstrated strong product innovation and disciplined growth in a rapidly developing market, placing the company as the forefront leader in this region’s nascent financial technology sector. We are excited to partner with Hosam and the Tabby team as they build the next generation of financial services in the Middle East.”
Founded in Riyadh, Tabby provides flexible payment solutions for over 40,000 global brands and small businesses, including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung, and Noon.
The company operates in Saudi Arabia, the UAE, and Kuwait.
