Gulf fintech Tabby valued at $4.5 billion after secondary share sale

Audio By Carbonatix

RIYADH (Reuters) -Saudi Arabia-headquartered fintech Tabby said on Tuesday it has completed a secondary share sale involving shares held by existing shareholders, valuing the company at $4.5 billion ahead of a potential public listing.

HSG, Boyu Capital and others acquired shares in the buy-now-pay-later firm from existing investors, resulting in an implied valuation of $4.5 billion, Tabby said in a statement.

Tabby, which counts Abu Dhabi sovereign wealth fund Mubadala among its investors, allows customers to defer payments on their purchases.

Tabby clarified that no new shares were issued and the company did not receive any proceeds from the transaction. It did not disclose the identities of the selling shareholders or the size of the share sale.

CEO and co-founder Hosam Arab told Reuters in February that the company was preparing for an initial public offering within 18 months.

Founded in 2019, Tabby has collaborated with more than 40,000 brands and businesses, including Amazon and fast-fashion retailer Shein in high-growth Gulf markets such as Saudi Arabia and the United Arab Emirates.

(Reporting by Federico Maccioni; Writing by Rachna Uppal; Editing by Sherry Jacob-Phillips)