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January 5, 2024

Tabby Surges Ahead in BNPL Arena with Unprecedented $700M Funding Triumph

The Buy Now, Pay Later symphony in the UAE is hitting all the right notes, and amidst the crescendo, emerges - Tabby

The pulse of Buy Now, Pay Later (BNPL) innovation beats strongly in the United Arab Emirates, and leading the charge is Tabby, set to redefine the landscape. In a groundbreaking move, the fintech giant has clinched a staggering $700 million in receivables securitization from J.P. Morgan, etching its name as the proud holder of the largest asset-backed facility ever secured by a fintech company in the MENA region.

Bucking the trends and soaring above predictions, Tabby concurrently extended its Series D financing, locking in an additional $250 million. The financial ballet saw key players like Hassana Investment Company, Soros Capital Management from the US, and Saudi Venture Capital joining the funding frenzy. This dance of dollars follows Tabby's earlier triumphs, including a $200 million equity boost and a $150 million debt infusion, all contributing to its impressive $1.5 billion valuation.

Tabby strategically reinforces its financial stronghold, expertly navigating the surge in demand for its services. The windfall from this financial crescendo, now totaling $700 million, is a potent elixir. It empowers Tabby to further expand its suite of financial services and shopping products, spreading its wings over a consumer base of 10 million and a network of 30,000 retailers.

The roadmap ahead for Tabby is clear - fortify market presence, pioneer innovations in the fintech sector, and consistently deliver exceptional value. The MENA region is set to witness an amplified impact as Tabby strives to deepen its market penetration, bringing transparency, affordability, and responsible lending practices to the forefront.

Founded in 2019 by Daniil Barkalov and Hosam Arab, Tabby is more than a BNPL player; it's a transformative force. Enabling consumers to shop and pay in four installments at zero cost, Tabby introduced the Tabby Card last year, unlocking 90% of the offline retail opportunity in the MENA region. With over 150,000 Tabby Cards issued and in-store sales constituting over 10% of volumes, Tabby has become a stalwart partner for global brands like H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale’s.

As Hosam Arab, CEO, and Co-Founder of Tabby, rightly puts it, the recent $700 million securitisation milestone is not just Tabby's success but a paradigm shift for the region's fintech landscape. Collaborating with financial powerhouses like J.P. Morgan, Hassana, Soros, and SVC, Tabby is positioned as a transformative force, steering the future of personal finance and shopping in the MENA region.

This financial saga isn't merely about funds and figures; it's a testament to Tabby's pivotal role in reshaping the financial narrative of the Middle East. As the curtain falls on this funding act, the echoes of Tabby's vision, confidence, and commitment to innovation will undoubtedly resonate, leaving an indelible mark on the dynamic arena of fintech in the MENA region.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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