tabby raises $50m Series B to accelerate growth and enter new markets
tabby, the leading buy now, pay later (BNPL) provider in Saudi Arabia and the UAE, has raised $50 million in a new equity round which values the company at $300 million. This comes one month after tabby raised $50 million in debt financing bringing tabby’s total funding to over $130 million in less than two years.
The funding round is led by Global Founders Capital and STV with participation from Delivery Hero, CCVA, and existing investors. The fintech firm’s Series B financing will be used to expand tabby’s product portfolio and enter a number of new markets.
Hosam Arab, CEO and Co-founder of tabby, said, “With global players consolidating the MENA BNPL space, we at tabby are proud to continue building a local business and work with investors who understand its value. This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers.”
tabby integrates with retailers to allow their customers to shop at their online and physical stores with interest-free installments. Its app has more than 400,000 active shoppers, with 3,000 daily downloads making it one of the highest ranked shopping apps in the markets in which it operates. The company recently launched its own cashback loyalty program which rewards users who shop using the tabby app with cash that can be used to pay off their outstanding installments or deposited into their personal bank accounts.