Saudi fintech company Tabby, controlled by Abu Dhabi's Mubadala Investment Company, plans to conduct an IPO on the Saudi Stock Exchange. This is reported by foreign media.
Tabby has engaged HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley to organize the proposed stock offering. As part of the last round of financing in November 2023, the company's market value was estimated at $1.5 billion.
Tabby's investors include Saudi companies STV and Hassan Investment Co., as well as Sequoia Capital India, Soros Capital Management, Wellington Management, Mubadala Investment Capital and Paypal Ventures. In 2023, Tabby received an asset-backed line of credit from JPMorgan.
Tabby's clients include H&M Hennes & Mauritz AB and Nike Inc. In September 2024, Tabby bought out the startup Tweeq, a digital wallet operator, and competes in the region with other companies, including Tamara.
Tabby is a Saudi fintech company and the largest provider of "buy-now, pay-later" ("buy now, pay later") services in the Persian Gulf, which allow you to divide payments into four interest-free payments in the retail sector. The company has 12 million users and representative offices in Saudi Arabia, the United Arab Emirates and Kuwait. In 2023, the company moved its headquarters from the UAE to Saudi Arabia.
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