Wednesday, September 22, 2021

UAE based BNPL Fintech tabby Acquires $50M via Series B led by Global Founders Capital, STV

UAE-headquartered Buy Now, Pay Later (BNPL) Fintech tabby has acquired $50 million in capital as part of its recent funding round.

tabby’s Series B investment round has been led by Global Founders Capital and STV. Delivery Hero, CCVA and several other backers of tabby took part in the round as well. Existing investors in tabby’s operations reportedly include Arbor Ventures, Mubadala Investment, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF.

The proceeds from the round will be channeled towards expanding the firm’s line of products, and also to further penetrate into new GCC markets, the announcement noted. tabby‘s management also revealed that the BNPL Fintech is looking to cater to the rising demand for its pay-over-time products in Saudi Arabia, which is currently its biggest market.

The round has been announced after tabby secured $50 million worth of debt financing. The equity round valued the Fintech at $300 million. With this new capital injection, tabby’s total capital raised has exceeded $130 million in just 2 years of doing business.

Hosam Arab, CEO and Co-founder at tabby, stated:

“With global players consolidating the MENA BNPL space, we at tabby are proud to continue building a local business and work with investors who understand its value. This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers.”

tabby’s BNPL services focus on offering interest-free installments for purchases online as well as physical retail outlets. The MENA region Fintech firm reports more than 40,000 active shoppers, with around 3,000 daily app downloads.

They’ve also introduced a cashback loyalty program that clients may use to make payments for any outstanding installments. Additionally, they can deposit funds into their personal bank accounts.

With a growing presence in the UAE and Saudi Arabia, tabby’s B2B partners reportedly include Adidas, IKEA, SHEIN, Chalhoub Group, Al Futtaim Group, and Landmark Group.

Ahmad Alshammari, Partner at STV, remarked:

“As the global BNPL market is expected to grow at ~30% CAGR over the next five years, we estimate that MENA will grow at least twice as fast, further accelerated by a rapid switch to contactless payments, e-commerce growth, and access to credit.”

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