Tabby has raised $50 million in a Series B round led by Global Founders Capital and STV with participation from Delivery Hero, and CCVA. Existing investors Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF also participated in the round.
The funding round values the company at $300 million. This comes one month after tabby raised $50 million in debt financing bringing tabby’s total funding to over $130 million in less than two years.
Launched in 2019, the FinTech firm’s goal is to make shopping more rewarding by empowering people with the freedom to get what they want and pay flexibly. Tabby integrates with retailers to allow their customers to shop at their online and physical stores with interest-free installments. The startup has garnered over 400,000 active shoppers on their platform with 3,000 daily downloads making it one of the highest-ranked shopping apps in the markets it operates.
Highlighting this rapid growth, Tabby CEO and Co-founder Hosam Arab commented “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.”
Commenting on this power partnership Mark Venema, Senior Vice President Strategy of Delivery Hero, stated “At Delivery Hero, we believe in the power of entrepreneurship. We are excited to be investing in tabby as our first FinTech investment in MENA, a strategically important region for Delivery Hero. We see great potential in tabby to drive the industry forward and are proud to be supporting the company on its growth journey.”
The funding will help the company further service the growing demand for its BNPL products as customer usage continues to soar, especially in Saudi Arabia, tabby’s largest market. Tabby is also utilizing its newly acquired funds to further develop Tabby’s product portfolio and expand into new markets. This funding round validates Tabby’s impressive growth potential as STV Partner, Ahmad Alshammari concluded “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. Our doubling-down shows our strong belief that Tabby is the market leader in MENA and that they will continue to drive BNPL’s growth across the region by enabling buyers and merchants alike.”
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