IPO-hopeful Tabby now valued at USD 4.5 bn after it onboarded new Hong Kong-based investors

Tabby wrapped up a secondary share sale valuing it at USD 4.5 bn, a significant jump from the USD 3.3 bn it fetched in February following a USD 160 mn Series E round, according to a pressrelease.

How it worked: The latest transaction saw existing investors offload part of their holdings in the Riyadh-based fintech to new backers, including Hong Kong-based PE firms HongShan Capital Group (formerly known as Sequoia Capital China) and Boyu Capital, with no new shares issued and no fresh proceeds raised for the company. No details were provided on the size of the transaction or the selling shareholders.

Investors like Tabby’s story: The transaction gives the Hong Kong firms a strategic gateway into the Kingdom’s fast-growing fintech and consumer credit ecosystem. “Tabby’s product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market,” said Rock Wang, managing director at HongShan. Meanwhile, Joey Chen, partner at Boyu Capital, said that “Tabby has demonstrated strong product innovation and disciplined growth in a rapidly developing market, placing the company as the forefront leader in this region’s nascent financial technology sector.”

REMEMBER- Tabby reportedly tapped HSBC Holdings, JPMorgan Chase, and Morgan Stanley earlier this year to advise on a potential IPO, with the company targeting a 2025-2026 window. The size of the offering and the exact timeframe are yet to be determined.

The story was also picked up by Reuters and Bloomberg.