Tabby raises $233 million at a $6.5 billion valuation

Tabby has raised $233 million in a Series F round that values the buy-now-pay-later and shopping app at $6.5 billion, the company said in a post on its newsroom . The round was led by Blue Pool Capital, alongside other investors, and lands as one of the largest fintech raises to come out of Saudi Arabia this year. A profitable company raising at scale Unlike many BNPL players that have burned cash to chase growth, Tabby says it is now profitable. That distinction matters to the investors backing this round: a $6.5 billion valuation on top of positive earnings is a different pitch from the loss-funded growth story that defined the buy-now-pay-later sector through much of the last decade. Tabby's own account of the business puts annualised transaction volume moving through the platform at roughly $18 billion, spread across a user base the company puts at 25 million. That scale is the backdrop against which the Series F should be read. Tabby has spent years positioning itself as more than a checkout button — a shopping app in its own right, with merchants integrating directly into its ecosystem rather than treating it purely as a payment method bolted onto an existing storefront. The $18 billion annualised volume figure, if sustained, would put Tabby among the larger consumer fintech platforms operating anywhere in the Middle East, not just within the BNPL category it originally built its name on. Employee liquidity alongside new capital Alongside the primary raise, Tabby has structured part of the round to give employees an opportunity for liquidity — letting staff who have held equity since earlier, riskier stages of the company sell down a portion of their stake rather than waiting for an eventual public listing or acquisition. Liquidity events of this kind are still relatively uncommon among Middle East-headquartered startups, and their inclusion here is a signal of how mature investors now consider Tabby's cap table and governance to be. Moving beyond BNPL The Series F also reinforces a shift TechScoop has been tracking across Tabby's public statements: a deliberate move beyond pure installment-based BNPL and toward a broader footprint in consumer finance and shopping. That repositioning is not unique to Tabby — as covered in our wider look at how Saudi fintech is moving beyond BNPL , several of the market's largest consumer players are racing to diversify revenue away from a single product line. Tabby's raise did not happen in isolation. It is one of several large Saudi fintech rounds announced within the same few weeks, a run of activity detailed in TechScoop's roundup of how Saudi fintech just had a very big September . Taken together, the rounds suggest that global capital is willing to write large, late-stage checks into Saudi consumer fintech companies that can show both scale and a credible path — or, in Tabby's case, an achieved state — of profitability. Blue Pool Capital led the round, with other investors participating alongside it; the full participant list is set out in Tabby's own announcement. Why late-stage investors are comfortable with the valuation A $6.5 billion valuation is a large number for any Middle East-headquartered consumer technology company, and it will inevitably invite comparisons with how BNPL businesses have been valued — and, in some markets, subsequently re-rated — elsewhere in the world. What differentiates this round from the froth that characterised BNPL valuations globally a few years ago is the profitability point: Tabby is not asking investors to underwrite a path to breakeven that has yet to materialise. It is asking them to price a business that has already crossed that line while still growing volume, which is a fundamentally easier underwriting case for a late-stage investor like Blue Pool Capital to make. That combination — scale, profitability, and continued growth — is relatively rare among consumer fintechs anywhere, and it helps explain why a $233 million cheque was writable in a single round rather than split across a longer, staged process. It also raises the bar for the next tier of Saudi and Gulf consumer fintechs seeking large late-stage rounds: investors now have a live, profitable comparable to benchmark against when they evaluate the next company's growth-versus-margin trade-offs. What the round signals about Saudi Arabia's fintech maturity Tabby's raise is also a data point in a longer-running story about how Saudi Arabia's fintech sector is maturing beyond its early growth phase. The market's first wave of BNPL and consumer lending startups largely competed on user acquisition and merchant coverage; the current wave, of which Tabby's Series F is the clearest example, is instead being judged on unit economics, retention, and the ability to expand into adjacent financial products without sacrificing margin. Investors backing this round are effectively betting that Tabby's next phase of growth — expansion into new products and deeper merchant integr