Tabby Cash accounts reach 1 million in two months

Tabby Cash accounts reached 1 million two months after the product launched, the company disclosed. The fintech, valued at USD 6.5 billion, is expanding the Cash product into international transfers, bill payments and everyday spending.

Product expansion beyond buy now pay later#

Tabby is adding international transfer capability to Cash accounts. The company is also building bill payment functionality into the product. The additions move Cash beyond the buy now pay later transactions that built Tabby's initial user base. The company did not disclose a launch date for the new features. Tabby operates in the United Arab Emirates, Saudi Arabia, Kuwait and Egypt. The company did not state which markets will receive the international transfer feature first or whether the rollout will be simultaneous across all four countries.

Account growth and transaction scope#

The 1 million account figure was reached in the two months following the Cash product launch. Tabby did not state the launch date or the date the milestone was recorded. The company did not break down the account total by market. It did not disclose transaction volumes processed through Cash accounts, average account balances, or the number of active users among the 1 million accounts opened. The company also did not state how many of the accounts were opened by existing Tabby users versus new customers.

Valuation and funding status#

Tabby's USD 6.5 billion valuation was set in a previous funding round. The company did not announce new funding alongside the account milestone. It did not disclose the date of the round that established the valuation or the amount raised in that round. The company did not state whether it is currently raising capital or planning a funding round.

Cash product features and scope#

The Cash product offers accounts that customers can use for transfers, payments and spending. The company stated it wants to become customers' primary financial relationship as it expands the product. Tabby did not disclose transaction volumes, average balances or revenue generated by Cash accounts. The company did not state what fees, if any, it charges on Cash account transactions or international transfers.