Tabby: Middle East BNPL Consumer Finance Diagram

Strengths

• Largest BNPL platform in the Middle East, with the Saudi subsidiary generating $378 million in revenue and $55 million in net profit in 2025.
• Holds dual licenses from the Saudi Central Bank for consumer and SME finance, expanding business scope to working capital loans.
• Strategic investment from Ant Group provides access to payment technology and ecosystem resources.

Weaknesses

• Q2 2025 profit declined by 54% year-on-year, as rising credit provisions and internal system costs compressed margins.
• Loan book contraction and increased credit losses reflect pressure on risk management.
• Slowing profit growth: Q1 profit growth lagged behind revenue growth.

Opportunities

• The Saudi BNPL market is projected to reach $53 billion by 2030, offering significant penetration potential.
• SME financial license opens up new revenue streams from B2B lending.
• Upcoming IPO preparations provide access to more capital to support expansion.

Threats

• Tightening regulations in Saudi Arabia and the Middle East may increase compliance costs.
• Intensifying price wars from traditional banks and emerging BNPL competitors.
• Economic downturn leading to higher default rates on consumer credit.