UAE-based buy now, pay later (BNPL) company tabby has concluded a $50m Series B funding round led by Global Founders Capital and STV.
The funding round also saw participation from CCVA, Delivery Hero, Arbor Ventures, Raed Ventures, MSA Capital, VentureSouq, Global Ventures, HOF, Outliners VC, Mubadala Investment Capital and the Jameel Investment Management Company. This raise brings the company’s total valuation to $300m.
Founded in 2019, tabby offers a mobile app that enables consumers to buy products from select merchants and pay for them within 14 days or over monthly instalments. The firm claims the app has over 400,000 active shoppers with 3,000 daily downloads, making it one of the highest-ranked shopping apps in the markets that it operates in.
tabby currently works with over 2,000 partners such as global brands like IKEA, Adidas, SHEIN and VogaCloset.
The company recently unveiled a new cashback loyalty program that rewards its users who use the app with cash that can be used to pay off their outstanding instalments or deposited into their personal accounts.
According to tabby, it intends to use the new capital influx to expand its product portfolio and enter a range of new unnamed markets. It will also help the firm service the growing demand for its BNPL products as it claims ‘customer usage continues to soar’, especially in Saudi Arabia.
tabby CEO Hosam Arab 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.”
Copyright © 2021 FinTech Global