In preparation for its initial public offering, UAE-based BNPL platform Tabby is moving its headquarters to Saudi Arabia.
The decision comes as the fintech service signed a memorandum of understanding with the Saudi Ministry of Investment.
Concurrently, Tabby is laying the groundwork for its IPO on the Saudi stock exchange.
The company plans to solidify its presence in its largest market, given that 80 per cent of its customers originate from the country.
“With this move, we aim to amplify our reach and impact, reinforcing our commitment to deliver unparalleled financial solutions to our customers in the region. We’re equally dedicated to fostering local talent and contributing to the growth of the Saudi economy,” according to Tabby’s official account on Twitter.
Moreover, Tabby recently received the green light from the Saudi Central Bank after obtaining a permit to expand its operation into the Kingdom.
“Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom and continue building toward financial freedom for our community,” Tabby’s CEO, Hosam Arab, told Arab News in August.
The encouraging regulatory landscape is essential for instilling confidence in Tabby to introduce innovative services in the country, added Mr Arab.
With a presence in Saudi Arabia, the UAE and Kuwait, Tabby holds a valuation of $660 million following its latest funding round from investors such as Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst.
The platform collaborates with more than 15,000 worldwide brands, including H&M, Adidas, Ikea, SHEI, noon and Bloomingdale’s.
