Dubai-based BNPL platform tabby raises $104M in series B
Dubai-based FinTech and buy-now-pay-later (BNPL) platform tabby has raised $54M in an extension round to the $50M series B round, closed in August 2021.
The round was led by Sequoia Capital India and STV, with additional participation from existing investors Arbor Ventures, Mubadala Investment Capital, and Global Founders Capital (GFC).
This funding round added to the $150M secured in 2021, making tabby’s total funding amount reach $180M.
Founded in 2019 by Hosam Arab, tabby is a UAE-based fintech start-up and the region’s first ‘Buy Now Pay Later’ consumer solution.
Tabby makes shopping more rewarding by empowering consumers across the UAE and Saudi Arabia with the flexibility and freedom to get what they want and to pay for their online and in-store purchases either in a single deferred payment or in multiple installments.
Tabby’s proprietary decision engine allows customers to check out instantly and pay later at no cost to the consumer.
Over 2,000 global brands and small businesses use tabby to accelerate growth and gain loyal customers by offering easy and flexible payments.
Today tabby operates in Saudi Arabia and the UAE and has raised over $130M in funding from global and regional investors, including the JIMCO Technology Fund.
The funding will support tabby’s MENA & international expansion and further its consumer product offering.
Since its inception, tabby has aggregated over 1,100,000 active shoppers in Saudi Arabia and the UAE, collaborating with over 3,000 brands and driving over 3 million clicks to its partners every month.
“The rapid adoption we continue to see today shows the urgency of consumer demand for flexible and honest payment experiences over predatory interest-driven credit. We are delighted to have Sequoia Capital India support our mission towards creating financial freedom as we embark on a key growth chapter in our journey.” Hosam Arab, CEO and Co-Founder of Tabby highlighted,
Ranked among the top 10 shopping apps in Saudi Arabia and the top 20 in the UAE, tabby has partnered with seven of the ten largest retail groups in the GCC, more than any other regional BNPL player. Ahmad Alshammari, the Partner, STV, said: “We are proud to have partnered with Hosam and Daniil in their Series-A, and more proud to have deepened our partnership with tabby in all funding rounds since. We are strong believers that the company will continue spearheaBNPL’sNPL’s growth across the region, fueled by the rapid switch to digital payments, e-commerce growth, and remarkable product vision and team, cementing its position as the market leader for BNPL in “ENA.”