Gulf Startup Tabby Nabs $4.5 Billion Valuation in Secondary Sale - Bloomberg
Saudi Arabia-based Tabby said it was valued at $4.5 billion after the fintech allowed early investors to offload their shares in a secondary sale.
The new valuation is up from the $3.3 billion price tag Tabby garnered in a $160 million financing round just eight months ago. The deal allowed firms including HSG and Boyu Capital to buy shares off existing investors, according to a statement.
One of the Middle East’s first fintech unicorns, Tabby is part of a cadre of increasingly popular buy-now, pay-later fintechs that let customers pay for goods in installments. More than 40,000 brands use the Riyadh-based company’s technology to help with sales.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” Chief Executive Officer Hosam Arab said in the statement.
Secondary share sales allow private companies to offer existing investors a way to get liquidity for their shares even as IPO markets around the world have remained largely dormant for much of the past three years. A number of big-name fintechs including Revolut Ltd. and Stripe Inc. have also turned to private stock sales to give employees much-needed cash.
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