UAE-based fintech company, Tabby, is relocating its headquarters to Saudi Arabia. This move comes as part of the company’s plans for its initial public offering (IPO) and in recognition of the country’s flourishing fintech sector. To facilitate this move, Tabby has signed a memorandum of understanding with the Kingdom’s Ministry of Investment and is preparing for its IPO on the Saudi stock exchange.

The decision also aligns with the company’s strategy to solidify its presence in Saudi Arabia, home to 80 percent of its customer base. Tabby received approval from the Saudi Central Bank to expand its operations in the Kingdom. The company aims to offer innovative financial solutions in the region, contributing to the growth of the Saudi economy and fostering local talent.

Tabby’s move is in line with Saudi Arabia’s aspirations of enhancing financial inclusion and literacy as key drivers of the country’s economic growth. The company’s CEO, Hosam Arab, praised the Saudi government’s efforts to strengthen the fintech sector.

Currently, Tabby operates in Saudi Arabia, the UAE, and Kuwait. Its valuation stands at $660 million following its latest funding round. Its technology is utilized by over 15,000 global brands and small businesses, including H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale’s, to offer flexible payment options.

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