UAE’s tabby raises $54 million

UAE’s tabby raises $54 million

tabby, a buy now, pay later (BNPL) provider, extended its series B capital raise by $54m in a round led by Sequoia Capital India and STV, with additional participation from existing investors Arbor Ventures, Mubadala Investment Capital and Global Founders Capital (GFC).

“The rapid adoption we continue to see today shows the urgency of consumer demand for flexible and honest payment experiences over predatory interest-driven credit. We are delighted to have Sequoia Capital India support our mission towards creating financial freedom as we embark on a key growth chapter in our journey,” Hosam Arab, CEO and Co-Founder of tabby, said.

tabby empowers shoppers with the financial freedom to access the things they want and need, while allowing them to maintain financial health and control. This investment will support tabby’s international expansion and further expand its consumer product offering.

tabby currently has over 1.1m active shoppers in Saudi Arabia and the UAE, collaborating with over 3k brands and driving over 3m clicks to its partners every month.

“Consumer-centric digital financial services provided real-time and without friction can unlock growth of commerce and benefit the ecosystem as a whole and we continue to remain bullish on businesses that can do so at scale. Hosam, Daniil and the team at tabby have built a strong, customer-first and market-leading BNPL business in Saudi Arabia and the UAE, and we’re excited to join their journey as they continue to build a consumer-focused financial services business across the region,” GV Ravishankar, Manager Director, Sequoia India, said.

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