UAE-based Tabby, a buy now pay later service provider, has reportedly raised $7m in its seed funding round.
The close of the round will support the growth and launch of its product in Saudi Arabia, according to a report from menabytes.
Raed Ventures led the investment, with additional support coming from MSA Capital and Arbor Ventures, the article said.
This investment comes less than a month after the FinTech secured a $2m seed round from Global Founders Capital.
Founded in 2019, the company offers a mobile app that enables consumers to buy products from select merchants and pay for them within 14 days or over monthly instalments.
Fellow buy now pay later FinTech platform Limepay recently closed its investment round. The FinTech secured $6m from investors including Accor Asia Pacific regional chief Michael Issenberg and Telstra group executive Michael Ebeid.
A recent report from Kearney found that 67% of UK millennials are using point-of-sale credit finance services. Interest in these services is increasing for all age ranges, with 57% of generation x having utilised this type of payment method.
Earlier in the year, UAE-based Hubpay, a digital wallet platform for the Middle East market, closed its seed funding round on an undisclosed amount, as it moved closed to getting a Money Services Licence.
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