· Venture Capital Tracker Editorial
Tabby’s $233M Print Is $6.5B — Still Needs SAMA; $18B Is TPV
Tabby announced $233 million at a $6.5 billion valuation on September 14, 2026, led by Blue Pool Capital. The company called it an equity round; press labeled Series F. The close remains subject to SAMA approval. $18 billion is annualized transaction volume, not ARR. Bloomberg compared the mark with listed Klarna at about $5.2 billion.
Tabby announced $233 million at a $6.5 billion valuation on September 14, 2026, led by existing investor Blue Pool Capital, with HSG, Wellington Management, and Arbor Ventures returning (company). The company called it an equity round. Wamda, The Paypers, and Axios labeled it Series F. The same company post says the transaction remains subject to Saudi Central Bank (SAMA) approval. Last verified September 19, 2026.
$18 billion in that post is annualized transaction volume, not revenue.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Announced. $233M at $6.5B. Blue Pool led. |
| Close | Conditional. Company: SAMA approval still required. |
| Stage letter | Company said equity round. Press said Series F. |
| Revenue | Not printed. $18B is TPV. Profitable since 2023 is company. |
| vs last marks | Wamda: $4.5B Oct 2025 secondary; $3.3B on $160M Series E (Feb 2025). |
| Whether to diligence | Yes, if you underwrite Gulf consumer credit vs listed BNPL. No, if you need ARR or a final SAMA stamp. |
Investigate further when: SAMA clears the close and a primary/secondary split is published.
Wait or pass when: you need net revenue, loss rates, or a Wellington cheque size.
What closed — and what did not
| Field | Detail |
|---|---|
| Company | Tabby — Riyadh BNPL moving into credit, wallets, SME working capital. Founded 2019; CEO Hosam Arab (Wamda). |
| $233M at $6.5B · Sep 14, 2026 · company | |
| Lead | Blue Pool Capital (Hong Kong; Joe Tsai’s family office). ** |
| Named participants | HSG, Wellington, Arbor. ** HSG ≠ Sequoia. |
| Condition | SAMA approval still outstanding (company). |
| Traction (company) | >$18B annualized TPV; 25 million registered users; 70,000 partners; profitable since 2023 |
| Liquidity | Company: employee option in this round; tenders since 2023 facilitated >$100M of share sales. Paypers: mix of new and existing shares. |
| Licences (company) | SAMA consumer + SME finance; Tweeq wallet acquisition; UAE Stored Value Facilities for Tabby Cash |
| Directory overlap | Wellington also led Clay’s $115M Series D at $7.1B. HSG sits on Clipto and the Manus talks tape. |
There is **
$6.5B vs Klarna vs a missing ARR
Bloomberg said $6.5 billion tops New York-listed Klarna, which it put at about $5.2 billion the same day. That is a listed-comp sentence, not a Tabby revenue multiple.
Wamda’s stack: $3.3 billion on the February 2025 $160 million Series E → $4.5 billion on an October 2025 secondary → $6.5 billion here. That is 2.0× the Series E mark in 19 months and 44% above the October secondary. None of those posts printed ARR. If you need a revenue multiple, you do not have one.
Related: Tabby profile · Clay $115M · September 16–19 index · September hub.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
