Terms of the round announced on September 14
On September 14, 2026, Tabby announced a $233 million equity round at a $6.5 billion valuation. Blue Pool Capital was the lead investor, while the other participants were already shareholders in the company. The figures refer to equity financing, not revenue, a credit facility or transaction volume. [1 · Tabby] [2 · Reuters]
The round combines the issuance of new shares with transactions in existing shares. Part of the structure provides liquidity for employees. The company emphasizes that completion requires applicable regulatory approvals, including approval from the Saudi Central Bank. [1 · Tabby] [2 · Reuters]
What the capital is for
Tabby intends to deepen its presence in Saudi Arabia and the UAE and expand from BNPL into broader financial services. The company reports holding licenses for consumer and small-business financing in Saudi Arabia, as well as developing accounts, cards and transfers through an acquired digital wallet. [1 · Tabby] [2 · Reuters]
In the UAE, Tabby is developing Tabby Cash as an alternative to a debit account. The official announcement also cites more than $18 billion in annualized transaction volume, 25 million registered users and 70,000 business partners. These metrics cannot be equated with revenue or the number of active customers. [1 · Tabby] [2 · Reuters]
Sources
- Tabby — official Series F announcement — September 14, 2026; primary source for the amount, valuation, structure and regulatory condition.
- Reuters — Tabby funding and development plans — September 14, 2026; independent confirmation of the main terms and management commentary.
- NBER — Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns — 2022 working paper; a research framework based on US data, not an assessment of Tabby or direct evidence of an effect in Gulf countries.
- Blue Pool Capital — official website — Official source for its status as an investment firm in Hong Kong.
Expert commentary
The round matters because it marks Tabby’s move from a payment tool at the point of purchase toward a broader financial platform. The $6.5 billion valuation shows the price agreed by the participants in a particular private transaction, but is not an accounting result and does not guarantee the same price in a future share sale. The investment thesis should be tested against the growth of regulated products and their economics after all approvals are secured. [1 · Tabby] [2 · Reuters]
For retail partners, the mechanism has two sides. BNPL can simplify purchases and increase customer spending, but the provider assumes credit risk and needs an economically justified fee from the merchant. The NBER study using US data links access to BNPL with growth in overall spending and the share of retail purchases, but the size of the effect cannot be transferred to Gulf markets without local data. [1 · Tabby] [3 · NBER]
Expansion into accounts, cards, transfers and business financing could increase the frequency of customer contact and reduce Tabby’s dependence on a single checkout moment. At the same time, risk management becomes more complex: short-term installment plans, business working capital and a cash account require different models for liquidity, collections and customer protection. The mere availability of capital does not prove the quality of those processes. [1 · Tabby] [2 · Reuters]
In terms of competition in Saudi Arabia and the UAE, Tabby gains an opportunity to connect its merchant partner network with everyday financial services. This could strengthen network effects: more merchants make the service more useful to buyers, while more customers make it more attractive to merchants. An alternative scenario is that users continue to see Tabby primarily as an installment-payment service, and expensive expansion into new products fails to generate commensurate income. [1 · Tabby] [2 · Reuters]
The social effect depends on whether the service broadens responsible access to finance or raises the risk of obligations accumulating unnoticed. Payment simplicity reduces friction in purchasing, so transparency about total debt, due dates and the consequences of late payment needs to grow with the service’s scale. Licensing creates an oversight framework but does not replace monitoring of arrears, complaints and repeat borrowing. [1 · Tabby] [3 · NBER]
Over a twelve- to twenty-four-month horizon, the key indicators will be final approvals, the share of income outside BNPL, cost of risk, arrears and merchant retention. It is also important to distinguish registered users from active users and annual transaction volume from revenue. If new products grow without deterioration in portfolio quality or complaints, the round will support sustainable diversification; otherwise, the high valuation will become more sensitive to revised expectations. [1 · Tabby] [2 · Reuters] [3 · NBER]