Tabby, a financial services app headquartered in Saudi Arabia, has completed a secondary sale of shares held by certain existing investors.
HSG, Boyu Capital and others acquired these shares, implying a company valuation of US$4.5 billion.
No new shares were issued, and Tabby did not receive any proceeds from the transaction.
Hosam Arab, CEO and Co-Founder of Tabby, said:
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region.”
Rock Wang, Managing Director at HSG, commented:
“Tabby’s product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market. We’re excited to partner with management as they continue to build a comprehensive financial services flywheel in a region with tremendous growth potential.”
Featured image credit: Tabby
