Tabby company profile: valuation, funding & revenue

This Tabby company profile covers the company's valuation, revenue, funding rounds, investors and history. Tabby works in fintech, with a focus on buy now, pay later and consumer finance. It was founded in 2019 and is headquartered in Riyadh, Saudi Arabia. Its latest valuation on record is US$6.5 billion (September 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Tabby timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2019 — Tabby is founded in Riyadh by Hosam Arab (CEO) and Daniil Barkalov.
• Feb 2025 — Series E: US$160M, valuing the company at US$3.3B.
• Oct 2025 — Secondary transaction: Not disclosed, valuing the company at US$4.5B.
• Sep 2026 — Series F: US$233M, valuing the company at US$6.5B. Investors: Blue Pool Capital (lead); HSG, Wellington Management, Arbor Ventures.
• September 2026 — Registered users: 25 million.
• September 2026 — Annualized transaction volume: More than US$18 billion, up from over US$10 billion in early 2025.
• September 2026 — Merchant partners: About 70,000.
• September 2026 — Profitability: Profitable since 2023, according to the company.

Investors

Overview

Tabby is the leading "buy now, pay later" (BNPL) company in the Gulf. Shoppers in Saudi Arabia, the UAE and neighbouring countries use it to split purchases into interest-free instalments, typically four payments, online and in stores. It has grown into a broader financial app with a card, digital wallet, money transfers, consumer loans, finance for small businesses and tools for managing money. It works with about 70,000 merchants, from global fashion and electronics brands to local retailers, and has 25 million registered users.

Hosam Arab, the CEO, and Daniil Barkalov founded Tabby in 2019. Arab previously ran an e-commerce business in the region. Tabby started in the UAE and moved its headquarters to Riyadh as Saudi Arabia became its largest market, and it holds licences from the Saudi Central Bank.

How Tabby makes money

Like other BNPL providers, Tabby earns most of its revenue from merchants, not shoppers. Retailers pay a fee on each instalment sale, because offering instalments increases conversion rates and order sizes. Tabby also earns late fees in some cases, interest and fees on longer-term consumer loans, and income from its card and other financial products. Its profitability depends on keeping credit losses low, managing its cost of funding, and growing transaction volumes efficiently.

Growth

Tabby's annualized transaction volume exceeded US$18 billion by September 2026, up from more than US$10 billion at the time of its February 2025 Series E. The company says it has been profitable since 2023, unusual for a fast-growing BNPL company. We haven't found a company-confirmed revenue figure, so revenue is shown as not disclosed.

Funding history

• February 2025, Series E: US$160 million at a US$3.3 billion valuation.
• October 2025: a secondary transaction lifted its valuation to US$4.5 billion.
• September 2026, Series F: US$233 million at a US$6.5 billion valuation, led by existing investor Blue Pool Capital, with HSG, Wellington Management and Arbor Ventures participating. The deal was subject to regulatory approvals, including from the Saudi Central Bank.

Tabby's valuation roughly doubled in 19 months, making it the most valuable fintech in the Gulf region.

Expansion beyond BNPL

Tabby is turning itself into a full financial services provider. Saudi Central Bank licences allow it to offer consumer and small-business finance, it holds a stored-value licence in the UAE, and it acquired the Saudi digital wallet Tweeq. The aim is to become customers' everyday financial app, earning from payments, lending and money management, rather than depending only on merchant fees.

The IPO question

In early 2025, Tabby's CEO said an IPO on Saudi Arabia's Tadawul exchange could happen within 12 to 18 months, and banks were reportedly appointed to advise. By 2026, after weak performance by some Saudi IPOs, Arab said Tabby had no immediate plans to list, and the Series F was raised mainly for expansion. A listing remains a likely long-term option.

Competitive landscape

Tabby's main competitor is Tamara, another Saudi BNPL company. It also competes with banks' instalment plans and credit cards, global payment providers and newer fintech apps. Its advantages are scale, merchant relationships, profitability and licences.

What to watch next

Watch regulatory approval of the Series F, growth of lending and banking products, credit quality, expansion into new markets, and IPO timing.

Key facts at a glance

Tabby is a Riyadh BNPL and fintech company founded in 2019 by Hosam Arab and Daniil Barkalov. It has 25 million registered users, about 70,000 merchants and more than US$18 billion in annualized transaction volume, and says it has been profitable since 2023. It raised US$233 million at a US$6.5 billion valuation in September 2026, led by Blue Pool Capital.

Why the Gulf suits BNPL

Saudi Arabia and the UAE have young, digitally active populations, high smartphone use and strong e-commerce growth, but credit card ownership has historically been lower than in Western markets. Instalment payments filled that gap. Shariah-compliant structures, where instalments carry no interest, also suit local preferences. Saudi Arabia's Vision 2030 programme promotes a cashless economy and fintech growth, and its central bank has created licensing frameworks for new financial companies. Together, these conditions made the region one of the fastest-growing BNPL markets in the world.

Risks in buy now, pay later

BNPL providers lend money, even if each loan is small and short. If economic conditions worsen, more customers may miss payments, increasing losses. Regulators in many countries have tightened BNPL rules, requiring affordability checks and clearer disclosures. Funding costs also matter: when interest rates rise, it costs more for BNPL companies to finance the instalments they offer. Tabby's profitability suggests it has managed these risks well so far.

Questions to ask a BNPL provider

• What fee will you pay on each sale, and how quickly are funds settled?
• Who carries the risk if a customer doesn't pay?
• Which countries and checkout channels, online and in-store, are supported?

Merchants should also test how offering instalments changes their own conversion rates and average order values, since the benefit varies by product category and customer base.

Running a short pilot with a single product category is a low-risk way to measure that effect.

What this means if you're…

A retailer in the Gulf: compare BNPL providers on merchant fees, conversion uplift and settlement terms.

A fintech founder: Tabby shows how a single product can become a platform for broader financial services.

An investor: watch credit losses and funding costs alongside transaction volume growth.

Latest developments (October 2026)

Tabby's valuation has climbed in steps. A secondary share sale in late 2025 valued the buy now, pay later company at about US$4.5 billion, according to CairoScene, and a September 2026 report put a new raise at US$6.5 billion, as reflected in our profile. Tabby has said it plans to list in Saudi Arabia but has not set a date. See our consumer lending fintech guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. The Middle East Observer
2. FWDstart