Tabby valued at $660m after $58m Series C funding round
EASY FINANCING PORTAL PULLED IN FUNDS FROM MUBADALA, PAYPAL VENTURES
The UAE based easy financing portal Tabby has secured a further $58 million, for its Series C funding round, and tapping the likes of Abu Dhabi’s Mubadala Investment Capital, Sequoia Capital India and PayPal Ventures.
It values the company at $660 million.
The fundraise will be used to expand Tabby’s product line into new areas of consumer financial services and support expanded operations. This round makes ‘Tabby one of the most valuable startups in Mena and the first in the GCC to receive funding from PayPal Ventures’, the company said in a statement.
Tabby has been one of the pioneers in creating and expanding the BNPL (Buy Now Pay Later) method to help consumers make purchases at retailers, offline and online. The BNPL way picked up speed during the aftermath of the Covid times, when consumers had turned cautious on all non-essential spending.
Another big year for BNPL?
Apart from the UAE, where BNPL transactions are available across a wide swath of categories, consumers in Saudi Arabia too have been quick to find uses conducting their shopping this way. Here, they pay off the
cost of the transaction in 4-6 installments at 0 per cent interest.
“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,” said Hosam Arab, CEO and co-founder of Tabby.
“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.”
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.”
Hosam Arab | CEO and co-founder of Tabby