Riyadh-based BNPL startup Tabby raised a $233M Series F led by Blue Pool Capital at a $6.5B valuation, up from $4.5B after its share sale in October 2025
Context & Ripple Effects
Tabby’s financing arc has moved from a $1.5 billion Series D valuation in 2023 to a $3.3 billion Series E in February 2025, with Blue Pool Capital leading both that round and the new financing. A secondary sale valuing Tabby at $4.5 billion had already established a higher private-market benchmark in October 2025.
The latest round extends that repricing with new primary capital rather than shareholder liquidity alone. It also gives Tabby a stronger valuation reference point while a possible IPO remains unconfirmed.
First-order effects
- Tabby receives $233 million in new Series F funding at a $6.5 billion valuation, increasing its capital base and raising the benchmark for its equity holders.
- Blue Pool Capital deepens its position as Tabby’s repeat lead investor, following its leadership of the $160 million Series E.
Second-order effects
- The $6.5 billion price establishes a tougher private-market comparison for other BNPL companies seeking growth funding, particularly those without Tabby’s sequence of repeat investor support and rising valuations.
- For Tabby, the primary round and higher valuation provide a more favorable reference point for any future liquidity process, including the possible IPO discussed in earlier coverage.
Third-order effects
- If established BNPL platforms continue to attract follow-on capital at rising valuations, investor funding is likely to concentrate further around scaled companies with demonstrated access to repeat backers rather than newer entrants.
- The progression from debt funding and venture rounds to secondary-market pricing and fresh equity illustrates how private fintech valuations can become an important staging ground for eventual public-market plans, even when an IPO is not confirmed.
The trend: Middle East BNPL is moving toward capital concentration in scaled platforms that can repeatedly reprice upward and secure funding from returning investors.