Tabby, a leading fintech pioneer in the Middle East and North Africa (MENA), has made significant strides by securing $160 million in a Series E funding round, doubling its valuation to a staggering $3.3 billion. This development cements Tabby’s position as the most valuable fintech company in the region. As the company prepares for an initial public offering (IPO), it has implemented strategic moves, including relocating its headquarters from Dubai to Riyadh and acquiring Tweeq, a Saudi-based digital wallet provider.
The recent funding round not only elevates Tabby's valuation but also underscores its success as a profitable fintech entity with an annualized transaction volume exceeding $10 billion. Tabby's large customer base and extensive merchant network have been instrumental in its growth. The company has engaged three banks to facilitate its potential IPO, signaling its intent to go public.
Tabby's expansion into broader financial services marks a strategic shift from its original buy-now-pay-later (BNPL) model. The acquisition of Tweeq enhances Tabby's capabilities in digital accounts, payments, and money management tools. By moving its headquarters to Riyadh, Tabby aligns itself closer to the dynamic Saudi Arabian market, further solidifying its public offering ambitions.
In addition to its existing services, Tabby offers a versatile Tabby Card for flexible spending and a subscription-based rewards program named Tabby Plus. These innovative products cater to the diverse needs of its customers, allowing for seamless integration into everyday financial activities.
“Customers used to rely on us only for e-commerce or [point-of-sale] spending. Now, especially in the UAE, they see Tabby as a tool to manage all their spending, whether it’s buying a cup of coffee or taking an Uber ride,” said Hosam Arab.
Furthermore, Tabby is strategically positioning itself in the remittance market, which presents a natural opportunity given its customer base primarily consists of expatriates. Remittances remain a crucial financial service in the MENA region, and Tabby plans to initially target the UAE-India corridor, one of the busiest remittance routes globally.
Tabby's journey reflects its commitment to leading the fintech industry in MENA. The company's innovative approach and robust financial health underscore its potential for future growth. By expanding into new territories and enhancing its service offerings, Tabby aims to meet the evolving demands of its diverse customer base.
The company's emphasis on digital financial solutions aligns with global trends towards cashless economies and digital banking. As Tabby continues to innovate and expand, it remains well-positioned to capitalize on emerging opportunities in the fintech landscape.
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