Saudi Arabia-based financial services app Tabby has begun working with some banks and law firms to assess its readiness for an initial public offering (IPO) in the Saudi market, as reported by Al Eqtisadiah.
Tabby’s General Manager Abdulaziz Saja also spoke with Argaam on the sidelines of the 24 Fintech Conference. He revealed that Tabby plans to list in late 2025 or 2026.
Hosam Arab, the company’s CEO talked to Gulf Business, adding: “We’re very happy to be able to report strong growth numbers since Tabby’s inception and this has always piqued investors’ interest. However, we know that there is huge growth potential in both retail and consumer finance. This makes an IPO the logical next step for Tabby. We will share further details when we have them.”
Saja also noted that the total investments received by the company amount to $1 billion (SAR 3.75 billion), comprising both equity and debt.
Tabby was established as a fintech company in the UAE in 2019. However, in September 2023, the company announced it would relocate its headquarters to Saudi Arabia after having obtained a licence from the Saudi Central Bank (SAMA) to operate in the Kingdom. At the time, the Saudi Ministry of Investment announced the move as a precursor to Tabby’s listing on the Saudi Exchange (Tadawul).
Earlier this week, Tabby announced it had reached a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed to operate in the Kingdom.
