Tabby, the Saudi Arabia–based financial services app, has recently confirmed the completion of a secondary sale of shares that was reportedly held by certain existing shareholders. As part of the latest transaction, HSG, Boyu Capital and others acquired shares from existing investors, “resulting in an implied company valuation of $4.5 billion.” As clarified in the update, “no new Tabby shares were issued and the company did not receive any proceeds from the sale.”
Hosam Arab, Chief Executive Officer and Co-Founder at Tabby, has said that they are pleased to welcome their new shareholders who share Tabby’s goals and “the impact they’re making on financial services across the region.”
The team also noted that they are looking forward to working 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 has said that Tabby has demonstrated compelling product innovation as well as “disciplined growth in a developing market, placing the company as the forefront in this region’s nascent financial technology sector.”
Chen also mentioned that they are pleased to work cooperatively with Hosam and the Tabby team as they “build the next generation of financial services in the Middle East.”
As covered, Tabby is a financial technology company that claims to help millions of consumers who are presently residing in the Middle East to stay in “control of their spending and make the most out of their money.”
More than 40,000 international brands as well as small businesses, such as SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon reportedly use Tabby’s digital technology in order to accelerate their growth and also gain customers by offering flexible payments online and in store locations. At present, Tabby is headquartered in Riyadh and serves Saudi Arabia, the UAE as well as Kuwait.
