Fundraising News

Buy now, pay later platform Tabby has closed a $200 million Series D equity round at a $1.5 billion valuation, positioning the company as the region’s first fintech unicorn as it heads toward a planned initial public offering in Saudi Arabia. The round was led by Wellington Management, with participation from Bluepool Capital and existing investors STV, Mubadala Investment Capital, Arbor Ventures and PayPal Ventures. In a separate development, Brazilian banking-as-a-service firm QI Tech raised $200 million in a Series B led by General Atlantic.

"Buy now, pay later platform Tabby has secured $200 million in Series D funding at a $1.5B valuation, making it the Mena region's first fintech unicorn head of a planned IPO in Saudi Arabia,"

Round headlines and investor composition

Tabby’s $200 million equity injection sees heavyweight global investors join the cap table. Wellington Management led the round, according to the funding announcement, while Bluepool Capital participated alongside Middle East and global backers that had supported earlier rounds: STV, Mubadala Investment Capital, Arbor Ventures and PayPal Ventures. The funding values Tabby at $1.5 billion and sets the company on a path toward an IPO in Saudi Arabia — a market the company has highlighted in previous corporate plans.

Meanwhile, QI Tech — a Brazilian banking-as-a-service startup — secured $200 million in a Series B round led by General Atlantic. The financing underscores continuing investor appetite for embedded finance and banking-as-a-service plays in Latin America.

Context and comparable rounds

These two headline transactions sit alongside a number of other sizeable fintech and fintech-adjacent funding events recorded in the same update. Examples include Volante Technologies’ $66 million in debt and equity financing, Performativ’s €5.5 million seed led by FinTech Collective, and Embedded Finance (trading as Railsr) securing $24 million from existing investors including D Squared Capital and Moneta Venture Capital. Other recent rounds noted in the update include a $57 million Series C for refurbed and a $9 million raise for Dubai-based SpiderSilk led by Waed Ventures with participation from STV and Global Ventures.

Investor composition in the Tabby round is notable for mixing global asset managers and specialist fintech funds with strategic corporate venture investors. Wellington Management’s lead role brings institutional asset management into the MENA fintech growth mix, while Mubadala Investment Capital’s continued participation reflects ongoing regional sovereign-backed investment interest in local fintech champions.

Outlook

Tabby’s new capital and its $1.5 billion valuation set up an IPO trajectory in Saudi Arabia that, if executed, would mark a milestone for MENA fintech public listings. For QI Tech, the $200 million Series B led by General Atlantic should accelerate growth of its banking-as-a-service platform across Brazil and potentially beyond, supporting product development and partner integrations.

• Tabby: $200 million Series D; valuation $1.5 billion; lead investor Wellington Management; other participants Bluepool Capital, STV, Mubadala Investment Capital, Arbor Ventures, PayPal Ventures.
• QI Tech: $200 million Series B; lead investor General Atlantic.
• Other rounds referenced: Volante Technologies $66 million; Performativ €5.5 million; Embedded Finance (Railsr) $24 million; refurbed $57 million; SpiderSilk $9 million.

Investors and market watchers will now track Tabby’s progress toward a Saudi IPO and how QI Tech deploys its Series B capital as both companies scale within their respective regional markets.