Tabby Cash Surpasses 1 Million Accounts in the UAE as Tabby Expands Beyond Buy Now, Pay Later
Saudi-headquartered fintech company Tabby has announced that more than 1 million people in the UAE have opened Tabby Cash accounts, marking a significant step in the company's expansion beyond Buy Now, Pay Later (BNPL) services into broader financial services, including money transfers, payments and account management.
The milestone comes just two months after Tabby Cash became available to all eligible UAE residents on September 1. It also follows the company's announcement of a $233 million Series F funding round in September, led by Blue Pool Capital, which valued Tabby at $6.5 billion.
Tabby Cash offers customers accounts with no setup, account or card fees, alongside cashback on spending. Its expanded services now include fee-free transfers to bank accounts in more than 50 countries, as well as transfers to digital wallets such as GCash, JazzCash and Vodafone Cash.
Customers can also use the service to pay telecommunications, utility and transport bills, with the option to spread payments over up to 12 months. In addition, retailer-approved refunds on Tabby purchases can now be credited instantly to Tabby Cash accounts, allowing customers to reuse their funds without waiting for a card refund.
These features extend Tabby's relationship with customers beyond instalment-based purchases, positioning Tabby Cash as a platform for everyday financial activities, including sending money and paying household bills.
“Tabby Cash is the fastest growing product we’ve launched,” said Hosam Arab, Co-Founder and Chief Executive Officer of Tabby. “A million accounts in 2 months tells us how much demand there is for an account that works the way people actually spend.”
The service had already attracted more than 150,000 users during its initial launch in July, ahead of its wider rollout in September. However, the latest milestone reflects the number of accounts opened, and Tabby has not disclosed the number of active accounts, their balances or the total value of transfers processed.
Tabby Cash operates under the Stored Value Facilities licence obtained by Tabby from the UAE Central Bank in April. The licence enables the company to hold customer funds, creating an additional business line alongside its lending operations.
Tabby is entering this market with an established customer and merchant network. Across Saudi Arabia, the UAE and Kuwait, the company reports more than 25 million customers and 70,000 merchant partners. Through Tabby Cash, it aims to expand engagement across this existing network by encouraging more frequent spending and payment activity, although the company has not disclosed how many account holders are new customers.
Alongside its UAE expansion, Tabby is also broadening its financial services in Saudi Arabia. Consumer and SME finance licences secured in June allow the company to offer larger, longer-term loans and working capital to merchants. Its consumer financing plans can cover purchases of up to SAR 50,000, extending its reach into categories such as education, travel and home furnishing.
