Tabby secures $50m to fund expansion plans
Buy Now, Pay Later (BNPL) provider, Tabby, has raised $50M in a Series B funding led by Global Founders Capital and STV with participation from Delivery Hero, and CCVA. Existing investors Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF.
The funding will help Tabby further service the growing demand for its BNPL products as customer usage continues to rise, especially in Saudi Arabia. Tabby will also further develop its product portfolio and expand into new markets. This funding round validates Tabby’s impressive growth potential. Tabby has garnered more than 400,000 active shoppers on their platform with 3,000 daily downloads making it one of the highest-ranked shopping apps in the markets it operates.
Tabby CEO and Co-founder, Hosam Arab, commented “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.”
Tabby integrates with retailers to allow their customers to shop at their online and physical stores with interest-free instalments. The funding round values the company at $300M. This comes one month after tabby raised $50M in debt financing bringing tabby's total funding to over $130M in less than two years.
This investment also marks Delivery Hero’s first fintech investment in MENA. Having one of the largest customer bases operating key regional food & beverage delivery platforms including Talabat, Instashop, and Hunger Station, Delivery Hero is the ideal investor when it comes to Tabby’s business expansion and platform development. Commenting on this partnership, Mark Venema, Senior Vice President Strategy of Delivery Hero, added, “At Delivery Hero, we believe in the power of entrepreneurship. We are excited to be investing in tabby as our first FinTech investment in MENA, a strategically important region for Delivery Hero. We see great potential in tabby to drive the industry forward and are proud to be supporting the company on its growth journey.”