Tabby, the Saudi-based buy-now-pay-later (BNPL) fintech unicorn, is reportedly working with HSBC Holdings Plc, JPMorgan Chase & Co., and Morgan Stanley on a potential initial public offering, according to Bloomberg sources.
While discussions are ongoing, final decisions on the IPO’s size, timing, and listing location have yet to be made. The move could mark a significant step for Tabby as it seeks to tap public markets to fuel further expansion.
Founded in 2019 by Hosam Arab in the UAE, Tabby has grown rapidly, reporting more than $6 billion in annualised transaction volume. It serves 10 million users and partners with over 30,000 brands, including major regional retail groups.
In January 2023, Tabby secured $200 million in Series D funding at a $1.5 billion valuation, led by existing investors including Sequoia Capital India, STV, and Mubadala. The company’s plans for an IPO follow a broader trend in the Middle East’s fintech sector, where startups are increasingly exploring public listings amid growing demand for digital payment services and e-commerce solutions.
If Tabby proceeds with the listing, it would become one of the region’s key tech players to go public, joining a wave of Middle East-based startups like Anghami and Swvl that have made market debuts in recent years.
