RIYADH: Saudi buy now, pay later provider Tabby has secured consumer finance and small and medium-sized enterprise finance licenses from the Kingdom’s central bank, enabling it to offer longer-term loans for higher-value purchases and working capital to businesses.
The licenses are expected to move Tabby beyond short-term BNPL and support its ambition to become a broader financial services provider, according to Abdulaziz Saja, general manager of Tabby Saudi Arabia.
The move comes as Saudi fintech companies increasingly seek to expand beyond niche financial products into broader digital banking services. Under Vision 2030, regulators have encouraged innovation through new licensing frameworks aimed at increasing competition, improving financial inclusion and expanding access to credit for consumers and businesses.
Eligible customers can finance purchases of more than SR2,000 ($531.79), with limits of up to SR50,000 and repayment periods of as many as 12 months, while merchants on Tabby’s platform will be able to access business financing.
“Since Tabby started, we’ve always wanted to be a holistic financial institution or financial services provider to the customer,” Saja said, adding: “We always knew that the end goal was for Tabby to sort of feel like a banking app.”
