American business theorist W. Edwards Deming famously quipped, “In God we trust; all others must bring data.” That hasn’t always been easy in MENA, but the tide is slowly but surely starting to turn.
Cast your mind back to February 2025, when Tabby vaulted to the top of the regional fintech totem pole, snagging a $160 million in Series E round at a $3.3 billion, double its price tag just fourteen months earlier, and trumpeted both profitability and a $10 billion annualised GMV.
Tabby’s ambition to ring the Tadawul bell has never been a secret; the move of its headquarters to Riyadh in 2023 was explicitly framed as a pre‑IPO manoeuvre.
Bloomberg has since reported that the company is working with HSBC, JPMorgan and Morgan Stanley on the flotation, with late 2025 or 2026 whispered as likely debut dates, though no formal announcement has yet surfaced.
But for a business frequently described as the world’s fastest‑growing BNPL player, hard financial data has been vanishingly sparse. Apart from headline numbers dropped into fundraising press releases, we’ve have had to rely on little more than educated guesswork to gauge how the model is really performing.
That was up until a few weeks ago, when Saudi outlet Aleqt hinted that both BNPL heavyweights, Tabby and Tamara, had quietly released IFRS‑grade Q1 numbers. We hunted down Tamara’s filing, picked it apart line by line, and found a story far more nuanced than the “BNPL is now wildly profitable” cheerleading implied.
Tabby, though, stayed behind the curtain, until now. By equal parts persistence and serendipity, we’ve secured the full Q1 2025 financial statements for the Gulf’s BNPL poster‑child.
And there is plenty to chew on: net income has leapt 553 % YoY; leverage climbed high enough to force a heads‑up to SAMA; and, for the first time, Tabby is signalling life beyond zero‑interest instalments – branching into discovery, ads, and, ultimately, a broader digital‑banking play.
To our knowledge, this is the most detailed public analysis of Tabby’s numbers to date, covering everything from revenue breakdowns to the mechanics of its securitisation stack.
Here’s what the numbers do, and don’t, tell us 👇
*We reached out to Tabby for comment, but no response was received at the time of publishing this story.
Since Tabby last opened its books, growth has shifted into relative overdrive.
Q1 2025 revenue hit…
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