Case Study: Tabby’s Treasury Transformation Creates Platform for Rapid Growth

Running a digital business requires a digital treasury—it is the backbone of the enterprise. Complete real-time visibility into payments and receivables is essential, not just for treasury management but also to enable leadership to focus on strategic growth, operations, and partnerships.

Founded in the UAE in 2020, Tabby is a leading Consumer fintech. By the end of 2023, the company achieved unicorn status following its Series D funding round. In early 2025, it secured an additional $160 million in Series E funding, raising its valuation to $3.3 billion. With plans to relocate its headquarters to Saudi Arabia, Tabby is actively expanding into Kuwait and other GCC markets.

A comprehensive overhaul of its treasury systems was critical to Tabby’s growth. Initially, the company operated with a traditional treasury setup that relied on manual file uploads, reconciliations, and payment approvals. This approach was time-consuming, prone to errors, and required teams to work nights and weekends to complete essential processes.

Key operational and treasury challenges included:

• Manual processing of payment files from the ERP system into local banking platforms, causing inefficiencies.
• Labor-intensive reconciliation and account balance updates, increasing the risk of errors.
• Complex multi-currency management (AED, USD, SAR, KWD, BHD, QAR) with limited visibility on FX margins.
• Lack of an integrated dashboard for real-time monitoring of payments, receivables, and liquidity.

Recognizing these inefficiencies, Tabby partnered with HSBC in late 2023 to design a comprehensive treasury transformation powered by API connectivity and an integrated payments and liquidity structure.

"We were excited to work with Tabby as they established a next-level digital treasury function to support their rapid regional expansion," says Dalal Zayouna, Director - Technology & New Economy, Corporate Banking at HSBC Dubai.

The transformation introduced a fully integrated treasury system with key enhancements:

• Automated Payments Processing: Local and international payments were centralized, with payments triggered directly from Tabby’s ERP for straight-through processing, eliminating manual uploads.
• Instant Merchant Payments: UAE merchants received payments in under 60 seconds via the Instant Payment Initiative (IPI) clearing system.
• Secure B2B Payments: The introduction of debit cards provided a flexible and cost-efficient alternative for B2B transactions.
• Cost-Effective FX Management: HSBC provided pre-agreed, tight FX margins across multi-currency accounts, enhancing cost visibility.
• Real-Time Treasury Oversight: API integration allowed instant access to real-time balances across multiple currency accounts.
• Optimized Liquidity Management: A liquidity structure enabled Tabby to earn credit interest on operational balances across AED, USD, and SAR accounts.
• Enhanced Operational Efficiency: A dedicated bulk Request for Information (RFI) process streamlined treasury operations, reducing manual workload and ensuring timely payments.

By early 2024, Tabby had significantly enhanced and de-risked its treasury operations.

A notable outcome of the transformation was the establishment of a securitization program. With clear real-time visibility into receivables, Tabby linked its UAE and KSA corporate receivable accounts with pledged accounts at HSBC London, ensuring efficient cross-border fund management while meeting compliance and security expectations.

"The digital solutions developed in partnership with Tabby have made its treasury function more agile, enabling the company to capitalize on future business opportunities" says Charbel S. Bacha - Senior Vice President - Technology and New Economies, Global Payment Solutions at HSBC Dubai

Tabby now operates with a treasury framework designed to support its ambitious regional growth. Its payments infrastructure is highly efficient, with enhanced security, flexibility, and real-time processing.

Tabby’s strategic banking partnership with HSBC highlights a transformative approach to fintech treasury management. By integrating API-driven automation, real-time treasury oversight, efficient liquidity management, and a robust securitization framework, Tabby and HSBC have streamlined operations, enhanced financial stability, and accelerated expansion plans. This case exemplifies how tailored financial solutions can drive success across complex multi-market fintech ecosystems.