Tabby has secured $230 million in a new funding round, bringing the company's valuation to $6.5 billion. The capital will support the expansion of its buy now, pay later services across its primary markets in Saudi Arabia and the United Arab Emirates.
CEO Hosam Arab confirmed that the company holds consumer and SME finance licenses in Saudi Arabia, alongside a stored value facilities license in the UAE. These regulatory approvals allow the firm to broaden its financial product offerings beyond its initial scope.
Currently, Tabby processes over $18 billion in annualized transaction volume. Its platform serves 25 million registered users and maintains partnerships with 70,000 businesses, including major retailers such as Amazon and Shein.
Separately, research indicates that credit card installment plans are currently more popular than BNPL services for travel expenses. Data shows 26% of consumers used card installments for travel, compared to 8% who opted for BNPL solutions.
The study highlights that 45% of Gen Z and 42% of millennials utilize card installments. Furthermore, consumers earning over $100,000 annually are 57% more likely to use these plans than those earning under $50,000, often prioritizing loyalty rewards.
