Tabby

Tabby is an online and in-store BNPL solution provider based in the UAE and Saudi Arabia. Customers can defer payment for 14 days or pay in four equal installments. It claims that by using its platform, merchants can witness more than a 20% improvement in sales conversion rates. Tabby does not charge customers if loans are repaid on time. It generates revenue through commission-based fees from merchants plus a flat per-transaction fee. It also charges customers late payment fees between SAR 15-SAR 30 (approximately USD 4-8). Tabby announced the suspension of its activities in Egypt by March 2023. The company secured a permit from the Saudi Central Bank (SAMA) to expand its operations within the Kingdom of Saudi Arabia in August 2023. In February 2024, Tabby launched Tabby+, a monthly subscription-based flexible payment offering that allows users to pay in four installments.

In September 2024, Tabby entered a definitive agreement to acquire Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank, for an undisclosed sum. Following the acquisition, Tweeq will continue to operate independently while partnering with Tabby to expand its services within Tabby's ecosystem. It will allow Tabby to expand its financial products suite to include digital spending accounts, cards, and money management tools, subject to regulatory approval.

Key partnerships and customers

In March 2024, Tabby partnered with Bahrain-based EasyPay, a POS and online payment gateway provider, to offer Buy Now Pay Later (BNPL) services in Bahrain. Tabby inked a partnership with Visa and M2P Fintech, Asia's largest API infrastructure company, to launch a digital BNPL Visa card for in-store payments in May 2022. Users can access the digital card (currently in invite-only access in the UAE) via the Tabby app or add it to their digital wallets to split payments at in-store checkouts. Other partners include DHL, DXBUY (a UAE B2B e-commerce platform), and First Abu Dhabi Bank.

As of November 2023, Tabby had over 30,000 merchant and brand partnerships and serviced over 10 million users across Saudi Arabia, the UAE, and Kuwait. In May 2023, Tabby had a merchant footprint of more than 15,000, which includes Adidas, IKEA, H&M, Bath & Body Works, Nike, Marks & Spencer, Vivo (June 2023), LuLu hypermarket and Flyna (August 2023). It also reported over 4 million active platform users. The company reported that it had grown 10x in revenue, 8x in active customers and 3x in active retail partners in the first six months of 2022, compared to that of 2021.