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The FinTech startup aims to make payment flexibility a reality across the region.
At the perfect time for e-commerce to thrive, UAE-based Tabby, which offers instant credit to consumers, has raised a new investment to fund its growth, with the mission to enable consumers to “buy what they want, when they want, while remaining in control of their finances.”
Tabby’s proprietary software allows customers to check out without needing to enter credit/debit card information when making a purchase. With Tabby’s Pay Later option, customers can purchase products online using only their mobile phone number and email address, with no pre-registration or credit card required. Tabby’s Pay in Installments option gives customers the flexibility to pay for their purchases in multiple, interest-free installments also without requiring a credit card.
The $7 million funding round was led by Raed Ventures, with participation from MSA Capital and existing investors Arbor Ventures. The new investment also comes off the back of their seed round of $2 million, which they closed in November of last year.
The startup is currently active in the UAE and launching its product in Saudi Arabia. The MENA region has one of the fastest-growing e-commerce landscapes—particularly in the wake of COVID-19—and the alternative solution provided by Tabby can unlock more potential for the industry, providing flexibility for consumers and boosting sales for retailers, particularly towards unbanked or underbanked customers.
“Tabby customers are able to better manage their spending by making purchases at their convenience and paying for them when they have the funds available, while retailers benefit from being able to sell more to their customers, and gain access to a larger customer base,” says Tabby CEO Hosam Arab.
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