Saudi Arabia’s Tabby, a leading buy-now-pay-later firm, is making headlines with its recent valuation and funding accomplishments.
In its latest funding endeavour, Tabby secured $200m in a Series D round, according to a report from Bloomberg.
This funding event saw leadership from Wellington Management, and also attracted participation from Bluepool Capital. Existing investors, including Saudi venture capital firm STV, Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures, reinforced their support for Tabby.
Serving a broad user base, firms like Tabby provide a platform for customers to purchase goods and pay in installments. Tabby boasts a significant regional presence, operating across Saudi Arabia, the United Arab Emirates, and Kuwait. Within this competitive space, it stands tall against competitors like Tamara. Highlighting its influence, Tabby has registered over 10 million users and collaborates with more than 30,000 brands.
In a conversation with Bloomberg News, Tabby’s chief executive officer Hosam Arab elaborated on the company’s intentions for this fresh capital. He mentioned, “We are building and broadening out our consumer and merchant offering.” A considerable portion of the investment will go into expanding product options, primarily focusing on financial services.
Originally founded in Dubai, Tabby transitioned its headquarters to Saudi Arabia, aligning with its aspirations to be publicly listed on the Saudi stock exchange. This move was acknowledged by Saudi Arabia’s Ministry of Investment in September.
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