Gulf fintech tabby doubles valuation to $3.3bln ahead of IPO
The company raised $160 million in a Series E financing round led by existing investors Blue Pool Capital, a Hong Kong-based investment firm backed by Alibaba's co-founder Joe Tsai, and the Saudi pension fund's investment arm Hassana Investment Company.
tabby was valued at $1.5 billion when it closed a previous funding round in late 2023.
Customers can use tabby, which counts Abu Dhabi sovereign wealth fund Mubadala among its backers, to defer paying for purchases. Founded in 2019, it has tied up with more than 40,000 brands and businesses including Amazon and fast-fashion retailer Shein in markets such as Saudi Arabia and the United Arab Emirates.
BNPL soared in popularity after the COVID-19 pandemic forced more shoppers online. Regulators in Britain and the United States have previously warned about its use, saying consumers needed to understand the risks.
Other existing tabby investors STV and Wellington Management participated in the latest funding round.
"It really is around just making this next leap for the business, from a pure buy-now-pay-later business to a lot more than just that," CEO Hosam Arab told Reuters in an interview when asked how the new funding would be used.
Arab said tabby wanted to keep investing in its product range including digital spending accounts, cards, payments and money management tools.
The company, which is targeting 20 million users by the end of the year, is looking to float in the next 18 months, with Saudi Arabia among the potential listing venues, Arab said.
tabby has hired HSBC, JP Morgan and Morgan Stanley to work on the IPO, according to a source with knowledge of the matter.
The three banks declined to comment.
The Gulf's stock markets have seen a wave of new IPOs in recent years, aided by the region's governments trying to diversify economies away from oil.
Arab said that "a lack of tech and growth businesses in the public markets in the region" could help tabby appeal to investors.
(Reporting by Federico Maccioni Editing by Tommy Reggiori Wilkes and Susan Fenton)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ME Construction
20 minutes ago
- ME Construction
Casagrand announces its entry in the UAE
Property Casagrand announces its entry in the UAE By Casagrand's entry into the international market is part of the firm's long-term vision to expand into high-potential real estate destinations, setting the stage for a new chapter of innovation-driven, lifestyle-focused developments outside India India-based real estate firm Casagrand has made a strategic move into the United Arab Emirates, and their first premium residential project on Dubai Islands is expected to be officially unveiled soon. The expansion into the international market aligns with Casagrand's long-term vision to explore high-potential real estate destinations, paving the way for innovative and lifestyle-focused developments beyond India. Established in 2003, Casagrand has grown into the real estate market with their presence in South India. With over 160 landmark projects, spanning 53m sqft of living spaces, and a customer base of over 55,000 families, Casagrand has consistently pushed the boundaries of urban living. Their projects provide amenities, layouts, green spaces, and adherence to international standards. Casagrand also offers post-possession services and more, said a statement. Casagrand has transformed the residential landscape in cities like Chennai, Bengaluru, Coimbatore, and Hyderabad. Now, they are setting their sights on the UAE, a region celebrated for its bold vision, architectural prowess, and insatiable demand for high-quality real estate. The company is committed to the region, exploring key growth communities and masterplans. Over the next three years, Casagrand aims to develop over 6m sqft of premium residential and mixed-use developments in the UAE, the company said. Casagrand's debut project, launched in Dubai Islands, a destination known for its waterfronts, tourism potential, and connectivity, aims to capitalise Dubai's growth corridors. The development aligns with the UAE's broader strategy of attracting long-term foreign investment and city's livability through infrastructure and urban planning. As part of its global expansion, Casagrand continues to identify high-potential markets, and Dubai Islands, supported by government initiatives such as the Dubai 2040 Urban Master Plan. 'Our entry into the UAE is a proud and exciting moment for all of us at Casagrand,' said Arun MN, Founder and Managing Director of Casagrand. 'Over the last 22 years, Casagrand has built a track record of delivering high-quality projects on time and with precision. We want to bring this experience and approach to this market, which is one of the leading real estate destinations in the world. We believe the UAE's visionary leadership, investor-friendly policies, and vibrant cosmopolitan lifestyle present the perfect environment for our next phase of growth. We are here for the long haul and our aim is to deliver differentiated lifestyle experiences that blend architectural brilliance, value-driven design, and exceptional community living – reflecting the hallmarks of the Casagrand promise.' Casagrand's upcoming projects in the UAE will offer resort-style living, layouts, and amenities tailored to the discerning modern buyer, whether they are end-users seeking a luxurious lifestyle or investors seeking high returns in the real estate market.
Zawya
20 minutes ago
- Zawya
China's rebound has a distinct 'cool factor': Taosha Wang
(The views expressed here are those of the author, a portfolio manager at Fidelity International.) HONG KONG - The first seven months of 2025 have delivered a whirlwind of news on Chinese technology and business, oscillating between anxiety and euphoria, but what has cut through the noise has been the emergence of a "cool factor". In January, TikTok suspended its U.S. services for one day, when the outgoing administration shut down the app due to its ties to China, before the decision was swiftly reversed by the incoming Trump administration. Days later, Chinese artificial intelligence company DeepSeek shocked the world with its cost-effective, high-performance R-1 reasoning model, triggering an intense debate about who will lead the 'AI race'. And then in early May, U.S.-China tensions reached unprecedented heights, as tariffs jumped above 100%, effectively halting bilateral trade, before de-escalation. By summer, however, China was once again exporting critical rare earth to the U.S. and Nvidia had re-started the sales of its AI chips to China, suggesting a burgeoning trade detente between the world's two largest economies. Amid this volatility, China's capital markets have responded favorably. The MSCI China Index has surged around 25% year-to-date through July 25, outpacing the MSCI All-Country World index's 12% gain and the S&P 500 index's 9% rise. Notably, this strong performance has been driven not just by typical business-cycle fluctuations, but also an appeal rooted in innovation, collaboration and youth culture, suggesting China's next growth cycle could look very different from those in the past. IMITATOR TO INNOVATOR China's evolution from low-cost imitator to global innovator is epitomized by its electric vehicle dominance. Chinese EV leader BYD, which began as a battery maker and currently has a market cap of $150 billion, was once dismissed by Elon Musk for its unattractive products and weak technology. However, a decade of development, supported by state-backed infrastructure including China's 10-million-strong charging network, has propelled BYD past Musk's Tesla in global sales. In 2024, one of every five EVs sold globally was from BYD, whose market share is now double that of Tesla's. Moreover, BYD's vehicles, like many other Chinese EVs, now boast the type of sleek designs and novel amenities associated with its U.S. rival. Beyond product innovations, some Chinese companies are also experimenting with new business models and sales strategies. For example, livestream social shopping, which was pioneered by Alibaba, has been adopted by Amazon, Instagram, YouTube and even Walmart (in collaboration with TikTok) in the U.S. to target Gen-Z and millennial shoppers. New players like Chinese toymaker Pop Mart are also experimenting with fresh business models. Its designer toys are sold in mystery boxes, where sealed packages conceal randomized plush "Labubu" figures, which adorn the luxury handbags of many influencers. This strategy seeks to tap into the thrill of uncertainty, creating viral demand beyond the Chinese domestic market. And this appears to be working. Pop Mart's sales from outside mainland China contributed to nearly 40% of its total revenue in 2024, and its profit in the first half of 2025 is expected to soar by at least 350% year-over-year. OPEN-SOURCE ARCHITECT Historically, tensions surrounding intellectual property have dogged China's global trade relationships. Today, however, its embrace of open-source collaboration appears to signal a profound shift. China is now the fastest-growing and second-largest contributor of open-source code on GitHub, the world's leading platform for software collaboration. Moreover, Chinese tech giants like Huawei and Tencent rank among the top corporate sponsors of Apache and Linux foundations, major nonprofit organizations that shape foundational technologies like artificial intelligence and cloud computing. DeepSeek's R-1 model exemplifies this strategy. Released under the permissive MIT license, it grants large-scale commercial reuse rights (unlike Google's Apache 2.0 or Meta's Llama licenses) and has fueled countless derivative models globally. Such openness has the potential to build developer loyalty, influence AI standards, and circumvent geopolitical friction. This shift has been underpinned by a focus on developing scientific prowess. In 2024, China led the world in high-quality research publications, according to Nature, holding the top spot for the second consecutive year. Its advantage in publications extends even to semiconductor design and fabrication, a field where U.S. technological superiority is often assumed, with Chinese scholars authoring over half of the most-cited papers in this field in 2024. STRUCTURAL HEADWINDS However, the outlook for the country's businesses is not all rosy. Industrial profits are still shrinking, falling 1.1% year-to-date, despite various government stimulus measures, including a recently expanded consumer subsidy scheme and a central bank-backed initiative for state-owned enterprises to buy unsold homes. And price wars in sectors such as EVs and food delivery have gotten so brutal that the authorities have stepped in to mediate 'irrational' competition. Another structural issue is the country's stubbornly high youth unemployment rate (16-24-year olds excluding students), which remained at 14.5% - well above the 5% rate for the labor force as a whole. If China's future growth is to be driven more by a 'cool' factor, then the career prospects of its youth need to be strong enough to support their distinct consumption preferences as well as their entrepreneurial endeavors. Regardless of these challenges, innovation and open collaboration still have the potential to reshape China's global identity. Importantly, economic growth driven by these factors may be more evenly distributed and idiosyncratic, and therefore less cyclical, compared to China's old economic engines of real estate, infrastructure and production capacity investments. No longer just the world's factory, China is becoming a source of culturally resonant innovation. And as America's track record over the past decades suggests, no one should underestimate the value of cool. (The views expressed here are those of Taosha Wang, a portfolio manager and creator of the 'Thematically Thinking' newsletter at Fidelity International). Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, can help you keep up. Follow ROI on LinkedIn, and X. (Writing by Taosha Wang; Editing by Anna Szymanski and Lincoln Feast.)
Khaleej Times
20 minutes ago
- Khaleej Times
UAE petrol prices for August: Why fuel rates likely to remain stable
Petrol prices in the UAE are expected to remain stable or witness only a modest change in August. The average closing price of Brent crude in July was approximately $68.80 per barrel, slightly lower than June's average of $69.87. In the UAE, petrol prices in July were set at Dh2.70 per litre for Super 98, Dh2.58 for Special 95, and Dh2.51 for E-Plus 91. As fuel prices play a crucial role in influencing inflation, stable petrol rates help keep transportation costs and the prices of other goods under control. The UAE continues to rank among the 25 countries with the lowest petrol prices globally, with an average of Dh2.58 per litre. Inflation in the UAE stood at 1.4 per cent in the first quarter of 2025, largely due to declining energy prices. The Central Bank has revised its inflation forecast for 2025 slightly downward, from 2 per cent to 1.9 per cent. This revision is primarily attributed to the continued decrease in transportation costs. The forecast for 2026 has also been adjusted to 1.9 per cent, down from the earlier estimate of 2.1 per cent. Additionally, easing prices of key non-energy commodities are expected to support a contained inflation outlook. Inflation in 2026 is projected to remain steady at 1.9 per cent, reflecting a downward revision of 0.2 percentage points. In July, petrol prices were influenced primarily by concerns over global trade tariffs. However, crude oil futures rebounded last week on optimism surrounding progress in US trade negotiations. 'The US-Japan agreement, which reduces tariffs on automobile imports while securing major investment pledges in the US, has supported oil prices. At the same time, ongoing talks between Washington and the European Union are boosting hopes for further trade easing, which could strengthen demand expectations for crude,' said Osama Al Saifi, managing director for Mena at Traze. 'Nonetheless, lingering uncertainties regarding the timing and scope of these agreements may temper market optimism, limiting the potential for a significant short-term price rally,' he added.
