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
Saudi Arabia-headquartered fintech Tabby has raised $233 million from existing investors at a valuation of $6.5 billion, it said on Monday …
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 the Series E and this round. Its October 2025 secondary sale then set a $4.5 billion valuation benchmark.
The Series F supplies new primary capital at a $6.5 billion valuation, while extending Blue Pool’s role in Tabby’s financing. Reports have described a possible IPO, but that remains unconfirmed.
First-order effects
- Tabby receives $233 million of new capital, and its $6.5 billion valuation supersedes the $4.5 billion level established in the 2025 secondary sale.
- Blue Pool Capital deepens its exposure to Tabby by leading a second consecutive priced round.
Second-order effects
- Tabby’s higher private valuation sets a more demanding reference point for its next financing or any potential public-market process, while giving existing shareholders a stronger paper benchmark.
- Other BNPL companies seeking private capital face comparison with Tabby’s stepped-up valuation and repeat backing from Blue Pool.
Third-order effects
- If repeat lead-investor support continues to determine late-stage BNPL funding, ownership and negotiating leverage may concentrate among the small group of investors able to fund large private rounds.
- The sequence from primary rounds to a secondary sale and another primary raise points to late-stage fintechs using private markets to establish valuation milestones before any unconfirmed IPO process.
The trend: Late-stage BNPL financing is increasingly centered on repeat institutional backers and privately set valuation benchmarks rather than a single financing event.