The BNPL companies are making waves globally and Dubai-based tabby is one of them. The leading buy now, pay later provider from Saudi Arabia and the UAE, has recently raised $50 million in a new equity round. With this the company is now valued at $300 million and the total funding is now over $130 million. The fintech achieved all in a time span of two years.
The freshest funding round was led by Global Founders Capital and STV with participation from Delivery Hero, CCVA, and existing investors. The current funding will be used to develop the fintech’s product portfolio and enter new markets. This investment also marks Delivery Hero’s first fintech investment in Middle East and North Africa (MENA).
tabby’s app has added more than 400,000 active shoppers, with 3,000 daily downloads and recently also launched its own cashback loyalty program — rewarding users who shop using the app. The rewards are supposed to be cash that can be used to pay off their outstanding instalments or deposit them into their personal bank accounts.
With the new funding, tabby will grow its product offerings and set up new offices in Hub71 in Abu Dhabi. It’s partner list includes 2000 global brands like Adidas, IKEA, SHEIN, VogaCloset, Chalhoub Group, Al Futtaim Group, Landmark Group, and Apparel Group.