{"id":24299,"date":"2023-10-03T12:50:52","date_gmt":"2023-10-03T12:50:52","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=24299"},"modified":"2023-10-03T12:50:52","modified_gmt":"2023-10-03T12:50:52","slug":"tabby-to-move-to-saudi-arabia","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/10\/03\/tabby-to-move-to-saudi-arabia\/","title":{"rendered":"BNPL Tabby to relocate its headquarters to Saudi Arabia ahead of IPO"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">In preparation for its initial public offering, UAE-based BNPL platform <a href=\"https:\/\/www.meretailnews.com\/2023\/07\/26\/sama-grants-permit-to-tabby\/\">Tabby<\/a> is moving its headquarters to Saudi Arabia.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decision comes as the fintech service signed a memorandum of understanding with the Saudi Ministry of Investment.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Concurrently, <a href=\"https:\/\/www.crunchbase.com\/organization\/tabby\" target=\"_blank\" rel=\"noopener\">Tabby<\/a> is laying the groundwork for its IPO on the Saudi stock exchange.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company plans to solidify its presence in its largest market, given that 80 per cent of its customers originate from the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWith 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\u2019re equally dedicated to fostering local talent and contributing to the growth of the Saudi economy,\u201d according to Tabby\u2019s official account on Twitter.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, Tabby recently received the green light from the Saudi Central Bank after obtaining a permit to expand its operation into the Kingdom.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cMillions of people in Saudi Arabia rely on Tabby today, so it\u2019s an incredibly important step to crystalize our foundations in the Kingdom and continue building toward financial freedom for our community,\u201d Tabby\u2019s CEO, Hosam Arab, told\u00a0<\/span><em><span data-preserver-spaces=\"true\">Arab News<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0in August.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The encouraging regulatory landscape is essential for instilling confidence in Tabby to introduce innovative services in the country, added Mr Arab.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The platform collaborates with more than 15,000 worldwide brands, including H&amp;M, Adidas, Ikea, SHEI, noon and Bloomingdale\u2019s.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ahead of its IPO, UAE BNPL platform Tabby is relocating  its HQ to Saudi Arabia<\/p>\n","protected":false},"author":40,"featured_media":17575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[2791,2683,4166],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24299"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=24299"}],"version-history":[{"count":2,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24299\/revisions"}],"predecessor-version":[{"id":24301,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24299\/revisions\/24301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/17575"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=24299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=24299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=24299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}