Tabby
Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange.
The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources.
The plans are still in the early stage, the report said, adding that no final decisions have been made on the size and timing of the IPO.
Tabby is likely to raise additional cash before its listing after being valued at $1.5 billion in its funding round in 2023, the sources said.
The fintech unicorn was initially founded in the UAE but is now headquartered in Saudi Arabia. It achieved unicorn status in 2023, reaching a valuation of over $1.5 billion after securing $200 million in a Series D funding round.
“We’re very happy to report strong growth since Tabby’s inception, which has consistently attracted investor interest,” Hosam Arab, Tabby’s co-founder and CEO, said in a statement to AGBI in September 2024.
BNPL payments in the kingdom are expected to grow by around 13 percent annually, from $1.4 billion in 2023 to $2.7 billion by 2028, according to consumer analysis firm Research and Markets.