TabbyBuy Now, Pay Later

Tabby's $3.3 billion valuation makes it MENA's most valuable private fintech, but the more interesting story is the deliberate HQ move to Riyadh — a signal that Saudi Arabia's consumer spending volume, not Dubai's startup-friendly branding, is what matters when scaling a payments business. With 15 million users, Tabby has crossed from fintech novelty to financial infrastructure.

The IPO preparation is worth watching closely. BNPL globally has taken a beating — Affirm, Klarna, and Zip all saw brutal revaluations. Tabby's counter-argument is that MENA credit card penetration remains low, making BNPL a replacement for cash rather than a substitute for existing credit. If that thesis holds at public-market scrutiny, it validates an entirely different BNPL model.

The risk is regulatory. Central banks across the Gulf are paying closer attention to consumer lending, and any tightening of BNPL rules could compress margins overnight. Tabby's scale is now large enough that regulators view it as systemically relevant — a double-edged sword.