Saudi Arabia-based fintech company Tabby announced Tuesday that it has completed a secondary share sale involving existing shareholders, resulting in a valuation of $4.5 billion ahead of a potential IPO. Investors including HSG and Boyu Capital acquired shares from current shareholders, the company said. No new shares were issued, and Tabby did not receive proceeds from the transaction. Specific details about the selling shareholders and deal size were not disclosed.

Tabby, which offers buy-now-pay-later services and is backed by major investors such as Abu Dhabi’s Mubadala, is positioning itself for a public listing, according to CEO and co-founder Hosam Arab who previously mentioned plans for an IPO within 18 months. Launched in 2019, Tabby has partnered with more than 40,000 brands and retailers across fast-growing Gulf markets including Saudi Arabia and the UAE, with notable partners such as Amazon and Shein.