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Saudi-based BNPL app Tabby is working on an IPO, but current focus is on its recent acquisition of Saudi digital wallet Tweek and developing its services in the kingdom.
A spokesman for the company confirmed a listing will take place on the Saudi Stock Exchange Tadawul, but said no date had yet been confirmed, and said no banks and or law firms working on the listing could be named at this stage.
According to Saudi-based Al-Eqtisadiah, the fintech is talking to some banks and law firms to assess readiness, However, no announcement has yet been made by the fintech company, which was founded in the UAE before shifting its headquarters to Saudi Arabia last year.
The report cited Tabby’s general manager for Saudi Arabia, Abdulaziz Saja, but said no timeline for the IPO had been finalised.
Tabby announced it had agreed to acquire Tweek at the kingdom’s 24 Fintech event and is currently expanding its services in Saudi Arabia, in addition to the UAE and Kuwait where it currently operates.
The firm was valued at $1.5 billion last year when it completed a $200 million Series D funding round led by equity financing led by Wellington Management and including Abu Dhabi sovereign Mubadala.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)