Saudi Central Bank grants permit to BNPL platform Tabby

By Delisha Fernandes

Tabby, a MENA-based shopping and financial services app, has announced that Saudi Central Bank (SAMA) has permitted “Tabby” to provide Buy Now Pay Later (BNPL) solutions.

The company stated that this license is a testament to the quality of our services and our commitment towards creating financial freedom for our customers. We look forward to continuing to provide innovative solutions to the needs of our community.

With Tabby, five authorised companies now offer BNPL solutions in Saudi Arabia. The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.

SAMA is committed to supporting and enabling the finance and FinTech sectors within the regulatory and supervisory guidelines. SAMA seeks to bring added value to the industry and the economy by attracting new investors and companies. SAMA is actively leveraging technology in financial services to support the broader goals of Vision 2030.

This decision reflects SAMA’s endeavour to support the Finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.

Recently, SAMA granted permits to Tamara, a BNPL payments platform, to provide better solutions to customers and partner merchants.

Tabby creates financial freedom in how people shop, earn and save by reshaping their relationship with money. Over 10,000 global brands and small businesses, including H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale’s, use Tabby’s technology to accelerate growth and gain loyal customers by offering flexible payments online and in stores.

Tabby is active in Saudi Arabia, UAE, Egypt and Kuwait and is valued at $660 million in its latest round of funding from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.