Press Release.
UAE-based tabby, a FinTech and BNPL provider, has secured $54 million in an extension round to its initial $50 million Series B round, which closed in August of last year. Sequoia Capital India and STV led the round, with Arbor Ventures, Mubadala Investment Capital, and Global Founders Capital joining as additional investors (GFC). tabby has raised nearly $180 million to date, including $150 million in debt and equity financing secured in 2021.
Headquartered in the UAE, tabby spans the GCC and gives customers the financial flexibility to access the things they want and need while maintaining financial health and control. While BNPL is still in its infancy in the GCC, it has seen one of the quickest rates of consumer acceptance in the world, with 24% of consumers in the region reporting using the option in 2021.
tabby has amassed over 1,100,000 active shoppers in Saudi Arabia and the United Arab Emirates since its launch, collaborating with over 3,000 brands and generating over 3 million clicks each month for its partners. Furthermore, tabby claims that consumers who use its payment method have reduced their use of cash on delivery (COD) by more than 10%.
Hosam Arab, tabby’s CEO and Co-Founder, stated, “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.”
tabby has teamed up with seven of the ten largest retail groups in the GCC, more than any other regional BNPL operator. It is ranked among the top 10 shopping apps in Saudi Arabia and the top 20 in the UAE. STV Partner, Ahmad Alshammari, said: “We are proud to have partnered with Hosam and Daniil in their Series-A, and more proud to have deepened our partnership with tabby in all funding rounds since.
We are strong believers that the company will continue spearheading BNPL’s growth across the region, fueled by the rapid switch to digital payments, e-commerce growth, and remarkable product vision and team, cementing its position as the market leader for BNPL in MENA.”