Tabby plans to go public on Saudi market in 2026

Abdulaziz Saja, General Manager of Tabby 

Fintech services provider Tabby plans offer shares to the public in Saudi Arabia in late 2025 or 2026, General Manager Abdulaziz Saja told Argaam on the sidelines of the 24 Fintech Conference.

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Tabby has already started bracing for an initial public offering (IPO), assessing its governance and financial results, but has not yet set a specific date for the offering.

Saja said that the company’s external financing has reached $10 billion, with $7 billion raised this year alone.

Moreover, lower interest rates will provide significant support to the company, he added, explaining that the buy-now-pay-later (BNPL) market relies heavily on financing, which requires strong and well-supported capital.

A substantial portion of the company’s capital is provided by loans from global banks such as JPMorgan. Lower interest rates will help cut costs.

According to Saudi-based Salla platform, Tabby’s payments on its platform accounted for 13% of total payments, which is believed by Salla to be Tabby’s market share.

The total number of Tabby's active customers in the Kingdom exceeded 5.5 million, while the app has been downloaded more than 10 million times but has not been yet used.

Saja also pointed out that regulations permit financing in the BNPL service for up to 12 months, with a maximum limit of SAR 5,000. The BNPL service is one of the financing licenses offered by the Saudi Central Bank (SAMA). In case of expansions, entities can apply for other licenses, and Tabby is pushing ahead with this plan.

Tabby was established in the UAE in 2019 as a fintech service provider. In July 2023, it was licensed by SAMA to provide BNPL solutions, according to Argaam data.

Last year, the Ministry of Investment said that Tabby will move its headquarters to Saudi Arabia ahead of a potential IPO.