Tabby Reaches $4.5 Billion Valuation in Saudi Arabia Secondary Share Sale Backed by HSG and Boyu Capital

Saudi Arabia's buy-now-pay-later specialist Tabby has reached an implied valuation of $4.5 billion following the completion of a secondary share sale to investors including HSG and Boyu Capital. The transaction involved existing shareholders selling their stakes rather than the company issuing new equity, meaning no fresh proceeds flowed to Tabby itself.

Boyu Capital and HSG are Hong Kong-based investors.

NO NEW CAPITAL AS EXISTING HOLDERS EXIT

Because the transaction was structured entirely as a secondary sale, Tabby's balance sheet was unaffected by the deal. The company received no proceeds from the transaction, and no new shares were created or existing shareholdings diluted.

The $4.5 billion valuation implied by the transaction price compares with the $3.3bn valuation of its February 2025 funding round.

IPO PREPARATIONS

Tabby chief executive Hosam Arab said in May 2025 that the company was targeting an IPO within the next 12 to 18 months, and Tabby had hired HSBC, JPMorgan and Morgan Stanley in February 2025 for a planned listing on the Saudi Exchange, according to Bloomberg.