Startup Tabby secures a $160 million Series E round, pushing its valuation to a colossal $3.3 billion, making it the most valued venture capital-backed company in the MENA region.
Tabby Raises $160 Million in Series E Funding, Solidifying its Position as MENA's Most Valuable Fintech Startup
Tabby, a Riyadh-headquartered buy now pay later and financial services startup, has announced that it has raised $160 million in Series E funding. This investment values Tabby at $3.3 billion, making it the most valuable VC-backed startup in the MENA region.
Founded in 2019, Tabby has rapidly expanded its financial services offerings and has seen significant growth. The company has nearly doubled its annualized transaction volumes to over $10 billion since its last funding round in October 2023. Tabby now serves more than 15 million registered users and over 40,000 sellers across the region, with an annualized sales volume exceeding $10 billion.
Hosam Arab, CEO and Co-Founder at Tabby, said the investment will accelerate the rollout of products that make managing money simpler and more rewarding for customers. Tabby has expanded its core offering with longer-term payment plans and launched Tabby Shop to help users discover deals. The company has also made strategic acquisitions, such as the Saudi-based digital wallet Tweeq, and introduced several new products, including Tabby Card for flexible payments, Tabby Plus subscription program, and Tabby Care for buyer protection.
While Tabby leads the way in the MENA region, another fintech startup, Qashio, based in Dubai, has also made waves. Qashio offers a comprehensive B2B fintech loyalty ecosystem, managing business spending and providing compliance solutions. Its major clients include global multinational companies such as Emirates, Air France, Accor, and IHG. The startup has shown an exceptional growth trajectory, achieving 800% year-over-year growth for three consecutive years.
The funding round in early 2025 aimed at expansion into Saudi Arabia and Europe, alongside enhancing compliance capabilities to solidify its market presence across the MENA region and beyond. This positions Qashio as one of the leading fintech startups driving the growth of Dubai's ecosystem, which was valued at over AED84 billion by the end of 2023.
In conclusion, the MENA region is seeing a surge in fintech startups, with Tabby and Qashio leading the way. Tabby's Series E funding round underscores the company's commitment to providing innovative financial services and solidifying its position as the most valuable VC-backed startup in the MENA region. Meanwhile, Qashio's exceptional growth trajectory and strategic expansion plans position it as a major player in the fintech landscape.
Business in the MENA region is being disrupted by innovative startups in the finance sector, such as Tabby and Qashio. With Tabby securing $160 million in Series E funding, it is poised to leverage technology to simplify money management for customers and expand its offerings, while Qashio's focus on compliance solutions and B2B fintech loyalty ecosystem is driving growth for global businesses in the region.
