With over 400,00 active shoppers and 3,000 daily downloads, Tabby continues to grow rapidly within the BNPL industry.
Dubai-based buy-now pay-later (BNPL) provider, Tabby, has raised $50 million in a new Series B equity round led by multiple regional investment giants, including the likes of Global Founders Capital and STV.
The latest funding raised the company’s valuation to $300 million, and comes one month after Tabby acquired $50 million in debt financing, raising Tabby's total funding to over $130 million in less than two years.
Founded in 2019, the fintech startup seeks to make shopping more customer-friendly by giving buyers the ability to shop and pay flexibly. Tabby is centered around integrating retailers to pave the way for customers to shop at both their online and physical stores and pay with interest-free installments.
It has garnered over 400,000 active shoppers on its platform, and with a rate of 3,000 daily downloads, Tabby has become one of the highest-ranked shopping apps in the market.
Highlighting this rapid growth within a growing sector, Tabby CEO and Co-founder Hosam Arab stated that “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,” he said.
The new funds will equip Tabby with the necessary arsenal to meet the growing demand for its BNPL products as its customer base and usage continues to soar, namely in Saudi Arabia. The company will also use the funds to further develop its product portfolio and expand into new markets.