Tabby, a leading shopping and financial services app in the MENA region, has achieved a significant financial milestone.
The company, known for its innovative approach in the FinTech sector, has secured up to $700m in receivables securitization from J.P. Morgan, marking the largest asset-backed facility obtained by a FinTech company in the MENA region.
According to Financial IT, in an impressive parallel financial move, Tabby has also extended its Series D financing, bringing it to a close at $250m. This round saw the participation of Hassana Investment Company, along with other notable investors including US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC).
Tabby’s business model revolves around its widely popular buy now, pay later platform. The new financing is set to strengthen Tabby’s balance sheet significantly, especially amidst the growing demand for its services. This capital influx will facilitate further expansion of Tabby’s financial services and shopping products, benefiting its vast consumer base of 10 million and a network of 30,000 retailers.
The company intends to use the new funding to amplify its reach and impact in the MENA region. The focus will be on expanding the market penetration, innovating further in their sector, and continuing to offer exceptional value to consumers and merchants, while upholding transparency, affordability, and responsible lending practices.
Hosam Arab, CEO and Co-Founder of Tabby, expressed his pride in the achievement. “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the FinTech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros, and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA,” he said.
George Deves, Co-Head of Northern European ABS at J.P. Morgan, and Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, also expressed their satisfaction and optimism about the collaboration and future prospects of Tabby in their respective statements.
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