Tabby, a Saudi-based financial services app, stated on Monday that a secondary sale of shares by some current shareholders was made and would suggest a valuation of the company of $4.5 billion.
During the transaction, HSG, Boyu Capital, and others bought shares of the existing investors.
The company said in a statement that no new shares were issued, and Tabby did not get any proceeds in the sale.
CEO and Co-Founder of Buy-Now-Pay-Later app Tabby, Hosham Arab, said that “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.”
Tabby offers flexible payment options to over 40,000 brands across the world.
Managing Director of HSG, Rock Wang, added that “Tabby’s product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market. We’re excited to partner with management as they continue to build a comprehensive financial services flywheel in a region with tremendous growth potential.”
Partner of Boyu Capital, Joey Chen, stated that “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.”
Tabby, which is based in Riyadh, offers flexible payment options to over 40,000 international brands and small businesses, such as SHEIN, Amazon, Adidas, IKEA, H&M, Samsung, and Noon.
The company has operations in Saudi Arabia, the UAE, and Kuwait.
