UAE Fintech tabby Raises $54 Million for Global Expansion
The highly-rated startup's will now look to expand its BNPL offerings in new mark.
tabby, a UAE-based buy now pay later (BNPL) provider, has raised $54 million in order to support its international expansion and offer more products to consumers on its platform. The round - led by Sequoia Capital India and STV, alongside participation from existing investors - was an extension of its Series B announced last year, which raised $50 million.
With over 1.1 million shoppers in Saudi Arabia and the UAE, and over 3,000 brands collaborating with the platform, tabby has been on the forefront of a wider BNPL transformation across the region.
"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," Hosam Arab, CEO and Co-Founder of tabby, says.
tabby has been ranked among the top 20 shopping apps in the UAE, and among the top 10 in Saudi Arabia. Online retailers that participate with tabby have reported over a 10% drop in cash on delivery payments from their customers.
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