Tabby announces completion of secondary share sale

Tabby, the Saudi Arabia–headquartered financial services app, on Tuesday confirmed the completion of a secondary sale of shares held by certain existing shareholders.

As part of the transaction, HSG, Boyu Capital and others acquired shares from existing investors, resulting in an implied company valuation of $4.5 billion. No new Tabby shares were issued and the company did not receive any proceeds from the sale.

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Tabby is a financial technology company that helps millions of people in the Middle East to stay in control of their spending and make the most out of their money.

Over 40,000 global brands and small businesses, including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon use Tabby’s technology to accelerate growth and gain loyal customers by offering flexible payments online and in stores. Tabby is headquartered in Riyadh and serves Saudi Arabia, the UAE and Kuwait.

Hosam Arab, CEO and Co-Founder at Tabby, said: “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’s product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market,” said Rock Wang, Managing Director at HSG. “We’re excited to partner 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 said: “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.”

Khaleej Times Staff

webteam@khaleejtimes.com