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November 3, 2023

Tabby: Dubai's FinTech Powerhouse Raises $200M in Series D Funding

In a financial triumph, shaking up the landscape, Tabby, raised $200 million in equity financing as a pivotal milestone

In a resounding testament to the remarkable growth of Dubai's pioneering payment and shopping app, Tabby, the company has successfully raised a staggering $200 million in equity financing as part of its Series D funding round. This substantial achievement follows on the heels of last year's $150 million debt financing feat and a $58 million Series C funding round earlier this year. The Series D round was spearheaded by none other than Wellington Management, a globally renowned independent investment management firm. Joining this financial endeavor is growth equity investor Bluepool Capital, in addition to the continued support of esteemed investors like STV, Mubadala Investment Capital, PayPal Ventures, and Arbor Ventures.

Tabby's recent funding coup catapults its valuation to over $1.5 billion, firmly establishing its status as the region's first fintech unicorn. This remarkable achievement paves the way for its eagerly anticipated IPO in Saudi Arabia. The funds raised will be instrumental in fueling Tabby's ongoing mission to shape exceptional finance and shopping solutions for both consumers and retailers.

Tabby, spearheaded by founders Daniil Barkalov and Hosam Arab since its inception in 2019, has rapidly emerged as a buy now, pay later (BNPL) juggernaut. This innovative platform empowers consumers to make purchases and settle payments in four convenient installments, all without incurring any additional costs. A significant milestone was reached last year with the introduction of the Tabby Card, a groundbreaking solution within the MENA region. This offering seized upon 90% of the offline retail opportunity, effectively reshaping the retail finance landscape.

The adoption of Tabby as a preferred payment method in physical stores has surged, particularly in conjunction with the Tabby Card, accounting for over 20% of total transaction volumes, according to the company. To date, Tabby has issued more than 150,000 Tabby Cards, with in-store sales now comprising over 10% of the company's transaction volumes.

Beyond payment innovation, Tabby recently introduced Tabby Shop, an extensive marketplace boasting over 500,000 products from a multitude of brands. This one-stop-shop equips shoppers with the tools to discover and track the finest products and deals with ease. Currently, Tabby boasts an impressive user base of 10 million and collaborates with over 30,000 brands, including 10 of the most significant retail conglomerates in the region.

Hosam Arab, CEO and Co-Founder of Tabby, emphasized the company's commitment to reshaping the financial services landscape, one rooted in fairness and responsibility. The infusion of investment will be instrumental in advancing this mission across Saudi Arabia and the UAE.

Abdulrahman Tarabzouni, Founder and CEO of STV, recognized Tabby's groundbreaking impact on the financial landscape, heralding it as a reference model in terms of both discipline and disruption. This transformative approach stands poised to become an integral part of Saudi Arabia's fintech landscape, fueling growth and empowering the broader economy.

Tabby's resounding success in securing $200 million in Series D funding signals an exciting new chapter in the evolution of financial technology. With a commitment to reshaping the financial landscape, fostering convenience, and driving innovation in the BNPL sector, Tabby has emerged as a beacon of transformative potential in the region. As the company charts its path towards an IPO, its mission to empower consumers and retailers remains steadfast, setting the stage for a promising future in the world of digital finance.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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