The UAE and KSA-based fintech company just closed one of the largest Series A rounds in the region, scoring $23 million from Arbor Ventures and Mubadala Capital, with participation from STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and Arab Bank.
Founded in 2019, Tabby partners with retailers to offer their customers online or in-store the ability to defer paying for their purchases for up to 30 days or to pay in four equal monthly installments at zero cost to the consumer.
Today, Tabby’s customers are able to use its service across more than 500 integrated merchants, including leading global brands like IKEA, Toys R Us, and Ace Hardware and regional retail giants including Al Futtaim Group, Landmark Group, and Apparel Group.
“The shift to online retail has never been more evident, and with it, consumers are becoming ever more demanding as they actively seek convenience and reliability in their shopping experience. And this includes how they pay for their purchases. We’re very proud of the value we’ve been able to bring our retail partners by providing their customers with an exceptionally convenient and flexible way to pay.” Hosam Arab, co-founder and CEO, Tabby
Tabby integrates directly into merchant checkouts or POS systems, instantly providing consumers a way to pay for their purchases with only 25% of the transaction value paid at the time of purchase and the remainder automatically charged over 3 monthly installments. tabby does not charge its customers any interest or fees as long as they pay on time and monetizes primarily by charging merchants a commission on sales generated via its platform.
“We are very excited to have backed tabby, the leader in Buy Now Pay Later in MENA which is at a tipping point in digital payments. tabby’s network is expanding rapidly, and the company continues to innovate to offer the best in market solutions for merchants and new frictionless payments for consumers.”Melissa Guzy, Managing Partner, Arbor Ventures
“Buy Now Pay Later solutions are booming globally thanks to accelerated payments digitization and e-commerce penetration, and the Middle East is no exception. tabby’s solution fits squarely within our thesis that fintech solutions will drive better experiences for merchants and consumers. We are excited to partner with Hosam and his team as they build tabby into a regional fintech leader.”Ibrahim Ajami, Head of Ventures, Mubadala
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