Tabby, MENA’s shopping and financial services app, raised $58 million from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst in a Series C round.

The funds raised will be used to expand Tabby’s product line into next-gen consumer financial services and support the company’s growing operations. This is the first time for a startup in the GCC to receive funding from PayPal Ventures.

“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. 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, said.

Tabby was founded in 2019 by Hosam Arab, the BNPL app has a “Split in 4” product feature where shoppers can split their purchases into four interest-free payments at store checkouts, both online and offline. It also lets customers discover where they can split their payments and track their spending. Tabby recently launched its services and operations in Egypt.