Tabby Cash hits 1 million UAE accounts two months after launch

Tabby Cash has passed 1 million accounts in the UAE, two months after becoming available to all residents on 1 September, according to Fintech News Middle East. The product is positioned as a fee-free alternative to a debit account, with no setup, account or card fees and cashback on everyday spending. It runs under the company’s Stored Value Facilities licence from the Central Bank of the UAE.

Since September, Tabby has added money-sending options to bank accounts in more than 50 countries without transfer fees, and to digital wallets such as GCash, JazzCash and Vodafone Cash. The platform now supports telecom, utility and transport bill payments, which customers can split into up to 12 monthly instalments, and allows direct Zakat contributions and donations to Dubai charity associations.

“Tabby Cash is the fastest growing product we’ve launched. A million accounts in 2 months tells us how much demand there is for an account that works the way people actually spend,” said Hosam Arab, CEO and Co-Founder at Tabby.

Tabby serves more than 25 million customers and 70,000 brands across Saudi Arabia, the UAE and Kuwait. In September it raised US$233 million at a US$6.5 billion valuation in a round led by Blue Pool Capital.

Our read: The rapid uptake demonstrates both consumer appetite for fee-free, multifunctional wallets and the effectiveness of Tabby’s regulatory positioning under the UAE’s Stored Value Facilities framework.