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Saudi fintech company Tabby has achieved record-breaking market penetration in the UAE with its "Tabby Cash" product, reaching one million accounts just two months after making the service available to all residents on September 1, 2026.

A Digital Alternative to Traditional Accounts with Official Licensing

Tabby Cash offers a modern alternative to traditional bank accounts linked to debit cards, with no fees for account opening, management, or card issuance. The service operates under the Stored Value Facilities (SVF) license issued by the Central Bank of the United Arab Emirates through Tabby Payments LLC.

International Transfers, Bill Installments, and Instant Refunds

The platform provides a suite of advanced financial services, including:

Money Transfers: Free fund transfers to bank accounts in over 50 countries, as well as to popular digital wallets such as Vodafone Cash, JazzCash, and GCash, alongside unlimited free local transfers.

Bill Payment and Installments: Payment of utility, telecom, and transportation bills with options to split payments into up to 12 monthly installments, in addition to direct Zakat and charity donations to Dubai-based organizations.

Instant Refunds: Direct deposits of refunded amounts from Tabby's "Pay Later" services into the Tabby Cash account as soon as the merchant approves the refund, bypassing the standard waiting period of 3 to 10 business days for card refunds.

Leadership Commentary and Record Growth

Hosam Arab, CEO and Co-founder of Tabby, stated that Tabby Cash is the fastest-growing product in the company's history. He noted that reaching one million accounts in two months reflects the strong demand for flexible financial solutions tailored to actual spending habits, emphasizing that the goal is to reintroduce everyday financial services with greater speed, simplicity, and freedom from traditional constraints.

Exclusive Benefits and Up to 3% Cashback

Account creation is free and accessible in minutes to all UAE residents aged 18 and older. Users earn up to 3% cashback on international purchases and selected spending categories, alongside full access to transfer and bill payment services with no extra fees.

Market Position and Billion-Dollar Valuation

Tabby serves more than 25 million customers and partners with over 70,000 global and regional brands, including Amazon, noon, SHEIN, IKEA, adidas, Samsung, and Jarir. Headquartered in Riyadh, the company raised $233 million in funding in September 2026 in a round led by Blue Pool Capital, driving its valuation to $6.5 billion.