BNPL fintech Tabby lands $58m in Series C funding
Dubai-based buy now, pay later (BNPL) fintech Tabby has secured $58 million in a Series C funding round at a valuation of $660 million.
Tabby lands $58m Series C
The funding was raised from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst. The round makes Tabby the first start-up in the Gulf Cooperation Council (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,” says Hosam Arab, CEO and co-founder of Tabby.
He adds that despite “downward pressure on fintech valuations, our business continues to sustainably scale”.
Tabby plans to use the fresh funding to support its growing operations and expand its product line to include “next-gen” consumer financial services.
The firm last raised $150 million in debt financing in August and $54 million in a Series B extension in March last year.
Founded in 2019, Tabby claims to have more than three million active users. Last year, it achieved 5x revenue growth and expanded its operations into Egypt, making it live in four countries including the UAE, Saudi Arabia and Kuwait.
