Tabby, a BNPL services company based in the MENA region, has closed its Series C round on $58m, which brings its valuation to $660m.
This new valuation puts Tabby’s as one of the most valuable startups in MENA and the first GCC to receive funding from PayPal Ventures.
Commitments to the Series C came from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst.
This capital injection will allow Tabby to expand its product line with next-gen consumer financial services.
Tabby works with over 10,000 brands, including nine out of the ten largest retail groups in MENA.
The company offers BNPL services that allows consumers to pay for products over four interest-free payments.
Speaking on the Series C, Tabby CEO and co-founder Hosam Arab said, “With rising interest rates and growing inflation, it has never been more important for people to have access to payment flexibility to stay in control of their finances. Despite downward pressure on fintech valuations, our business continues to sustainably scale as we lead the generational shift towards fair and transparent financial products in MENA.
“We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that’s ripe for change.”
Tabby passed several milestones in 2022. One of these is that it crossed three million active shoppers, but it also expanded its operations to Egypt and grew five-times in revenue over the previous year.
Another notable milestone is that it issued over 150,000 Tabby Cards only six months after launching its cards program.
Tabby has had a busy year for funding. In August, it secured a $150m credit facility from Atalaya Capital Management and Partners for Growth. This came just months after it raised $50m in debt financing from Partners for Growth.
Copyright © 2023 FinTech Global