Saudi Arabia-based fintech Tabby announced it raised $200 million in Series D equity financing at a valuation of $1.5 billion, according to a company statement.
The round, prior to a planned IPO in Saudi Arabia, is led by Wellington Management with additional participation from growth equity investor Bluepool Capital, with participation from existing investors STV, Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures.
The fintech company is a buy now pay later (BNPL) with over $6 billion in annualised transaction volume.
In May, Tabby increased its debt facility to $350 million after closing a new financing round led by San Francisco-based Partners for Growth (PFG), along with Atalaya Capital Management and CoVenture.
The investment will be used to continue financing consumers and retailers.
Hosam Arab, CEO and Co-Founder of Tabby, said: “Tabby set out with a purpose to reshape financial services–one that’s fair and responsible–and with this investment we can advance our mission across Saudi Arabia and the UAE.
“We’re very happy to have Wellington Management lead this round given their deep expertise in financial services,” Arab added.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.