The shares were acquired by new investors including HSG and Boyu Capital from existing shareholders with no new shares issued and with no proceeds going to Tabby.
,“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,” said Hosam Arab, CEO and co-founder of the buy-now-pay-later platform.
,Based in Riyadh, Tabby provides payment services for commercial companies in Saudi Arabia, UAE and Kuwait. It currently has around 40,000 corporate clients.
,The company was founded in 2019 and operates in Saudi Arabia, the UAE, and Kuwait.
,Earlier this year, Arab told Reuters that the company was planning for an IPO to be held some time in 2026. The IPO announcement was made back in February when a $160m funding round saw the company’s valuation more than double to $3.3bn
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