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Dubai: Saudi-based buy now pay later (BNPL) app Tabby is currently preparing for an initial public offering (IPO) on Tadawul, the Saudi stock exchange.
Tabby is in discussions with several banks and law firms to evaluate its readiness for the IPO. However, the company, which was originally founded in the UAE and relocated its headquarters to Saudi Arabia last year, has not yet made any official announcements regarding the IPO, according to Al Eqtisadiah, a Saudi news outlet.
Tabby revealed its acquisition of Tweeq at Saudi Arabia’s 24 Fintech event and is focusing on expanding its services in Saudi Arabia, as well as in the UAE and Kuwait, where it currently operates.
Last year, Tabby was valued at $1.5 billion (Dh5.5 billion) and became the first startup in the Gulf to receive backing from PayPal Ventures. The company has 12 million customers and 40,000 sellers on its platform.
The demand for BNPL services, which allow consumers to purchase products and spread their payments over interest-free instalments, has surged in recent years, driven by the growth of online shopping.
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