The fintech company is currently working with HSBC Holdings, JPMorgan Chase, and Morgan Stanley on the deal, according to Bloomberg, which cited people familiar with the matter. However, at the time of writing, no final decision has been made on the timing or the size of the offer. Tabby could possibly look into raising additional funds before the listing, as per the same sources. Back in November 2023, the company was valued at USD 1.5 billion in the most recent funding round.
Furthermore, Tabby’s IPO would come as an addition to an already full line of share sales in the region. For example, Ejada Systems, a technology services firm, holds regulatory approvals for an IPO, while asset manager Riyad Capital and low-cost carrier Flynas have also lined up banks for share sales.
Founded in Dubai, Tabby then moved its headquarters to the Kingdom of Saudi Arabia in 2023, in preparation for a planned listing in Riyadh. The company, which allows customers to pay for goods in instalments, had 12 million registered users and collaborated with approximately 40,000 brands as of June 2024. Regionally, Tabby operates in Saudi Arabia, the UAE, and Kuwait.
The news of the IPO comes months after Tabby partnered with Network International to provide customers and businesses with flexible, interest-free payments at the point of sale. The two companies planned to focus on offering secure and augmented payment options to customers, with Tabby integrating its BNPL service into Network’s N-Genius POS terminals. The solution was set to allow merchants to scale their businesses by letting their shoppers pay flexibly, without any hidden fees or interest.
Just a month before this, Tabby entered into a definitive agreement to purchase Tweeq, with the latter being set to continue to operate independently. The move came as Tabby wanted to explore more opportunities to expand its financial products suite to include digital spending accounts, cards, and money management tools following laws and regulations.
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