Tabby Financing Company, the Saudi-registered subsidiary of buy-now-pay-later operator Tabby, has reported revenue of $378 million for the full year 2025, representing a 42% increase on the prior year. The results, which constitute the company's first full-year audited financials, also show a net profit of $55 million, up 82% year-on-year, confirming FY2025 as the company's second consecutive profitable year. The strength of the performance cements Tabby's position as one of the most commercially successful fintech businesses in the Middle East and North Africa region.
The top-line and bottom-line momentum reflects the rapid expansion of Tabby's buy-now-pay-later and retail payments business across the Saudi market, which has benefited from sustained consumer demand and a digital commerce environment that has grown substantially across the Gulf region in the post-pandemic years. The Kingdom's young, digitally active population has made it one of the world's most receptive markets for instalment payment products, and Tabby has positioned itself as the leading operator in that space, competing with both regional and international BNPL providers.
REGULATORY CEILING BREACH DRAWS SCRUTINY
The positive earnings picture is complicated by a notable regulatory development: Tabby Financing Company's net debt of $689 million exceeded the ceiling set by the Saudi Central Bank, known as SAMA, by $139 million. The company has acknowledged the position and confirmed it is seeking formal approval from SAMA to raise the permitted debt limit, a process that will require the regulator to assess the company's risk management practices, capital adequacy, and the long-term sustainability of its debt-funded growth model against consumer protection and systemic stability considerations.
SAMA's oversight of fintech lending companies has intensified as the sector has grown, with the regulator balancing the economic and financial inclusion benefits of innovation against the risks inherent in high-growth consumer credit businesses. Tabby's request to lift the ceiling will be watched closely by other BNPL operators and their investors across the region, as the outcome will signal how much balance sheet flexibility SAMA is prepared to extend to rapidly expanding fintech lenders that remain dependent on external debt funding to finance their loan books.
The breach does not, in itself, indicate that Tabby's business model is unsound, and the company's improving profitability provides a degree of buffer in any regulatory dialogue about the appropriate level of leverage for the business. Nevertheless, the $139 million overage represents a meaningful gap relative to the existing ceiling, and resolving the position with SAMA will be among the most pressing priorities for Tabby's senior management and its board in the period immediately following the publication of these results.
PROFITABLE GROWTH AND THE PATH FORWARD
Tabby's achievement of a second consecutive profitable year, with net profit margin improvement implied by the 82% profit growth against 42% revenue growth, points to strengthening unit economics as the business scales. The first full-year audited results provide institutional creditors, potential equity investors, and regulators with a more complete and formally verified picture of the company's financial health than had been previously available, and the audited character of the disclosure carries additional credibility in a market where governance and reporting standards are under growing investor scrutiny.
The company's trajectory feeds directly into broader discussions about valuation and capital markets activity for Middle Eastern fintech businesses. Tabby has previously raised equity from prominent investors and has been linked to potential public market ambitions in the region. How the SAMA discussion on the debt ceiling resolves will be a material factor in shaping those options, as a favourable outcome would preserve the growth capital needed to sustain the financial model that underpins Tabby's profitability narrative and supports any future equity story presented to prospective investors.