Tabby’s Bold Tadawul Debut: Why a BNPL Unicorn Picked an IPO Over an Acquisition in Saudi Arabia

Scale also helps explain why an IPO can look more attractive than an acquisition. One deep-dive described Tabby’s product evolution from a simple “Pay in 4” checkout widget into a broader financial services platform, arguing the BNPL label is already too small for what it is becoming. That same source framed Tabby heading into a Tadawul IPO with $10B in annual transaction volume, 15M users, and a $4.5B valuation, and also cited 4,186 employees as of early 2026 along with “audited profitability.” TechCrunch separately reported Tabby raised $200 million in Series D funding at a $1.5 billion valuation, and that it works with more than 30,000 brands while serving over 10 million users across Saudi Arabia, the UAE, and Kuwait. These kinds of operating metrics can support the case for pricing and liquidity that an acquisition may not match.

Why the IPO Route Can Beat a Takeover for Tabby

In the current market narrative, an IPO is positioned as the cleanest “exit” mechanism for BNPL unicorns in the region. The Telegraph Middle East wrote that venture capitalists poured billions into BNPL platforms and that “the venture capital era is ending, and the public market era has begun,” calling 2026 the “Year of the Exit” as Tabby and Tamara file for long-awaited listings. For Tabby, an IPO can also reinforce its competitive positioning in a tightening regulatory environment. An investor profile described Tabby as regulated by SAMA in Saudi Arabia and by the Central Bank of the UAE, arguing that regulatory licensing creates a barrier to entry. In addition, Tabby is reportedly advised by HSBC, JPMorgan, and Morgan Stanley on a potential flotation, suggesting a deliberate public-market strategy rather than a quiet sale process.

Competition provides another reason to choose the public route. Multiple sources point to a GCC duopoly in BNPL between Tabby and Tamara, while noting Tamara’s SAMA license allows it to expand beyond small BNPL tickets into broader consumer finance. Against that backdrop, one analysis argued Tabby’s product breadth, transaction volume, and an imminent IPO create a first-mover advantage in a “super-app race.” Meanwhile, the wider market is described as moving from “growth-at-all-costs” into a regulated, profit-centric phase, and BNPL providers are also integrating into higher-ticket categories such as healthcare, where a cited example lifts average ticket size from $50 (fashion) to $1,000+ (healthcare). If Tabby wants to keep expanding its product suite beyond BNPL, a Tadawul listing can help fund that transition while giving early investors a public-market path to liquidity.

None of this makes a listing risk-free. The Telegraph Middle East quoted a warning that retail investors should look at “Bad Debt” ratios, and that BNPL models are sensitive to economic downturns, with companies trading on high multiples in 2026. Still, the direction of travel is clear: Tabby has grown from a BNPL tool into a broader consumer platform, has deep exposure to Saudi Arabia as its biggest market, and is taking steps associated with public-company readiness, including independently audited annual financial statements in its Saudi subsidiary. For readers tracking the Tabby IPO Saudi Arabia story, the key takeaway is that the IPO path aligns with Tabby’s stated scale, regulatory posture, and multi-product ambitions more than an acquisition would.