Tabby Secures $700 Million Debt Facility From J. P. Morgan
The Saudi fintech company has also extended its Series D financing to close $250 million.
Tabby, the Saudi-based Buy Now Pay Later platform that became one of the first Middle Eastern fintech unicorns after achieving $1.5 billion valuation in November 2023, has secured up to $700 million in receivables securitisation from global financial service leader J. P. Morgan. The deal is the largest asset-backed facility that has been gained by a fintech company in the MENA region.
The company has also extended its Series D financing to close $250 million, with participation from Hassana Investment Company, US-based SOros Capital Management and KSA-based Saudi Venture Capital.
“Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets," Hosam Arab, CEO and Co-Founder of Tabby, tells StartupScene. "We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”
The financing helps bolster Tabby's balance sheet as it experiences increased demand for its core services, and allows more capital to expand Tabby's offerings of financial services and products for its 10 million consumers and its 30,000 partnering retailers.
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