UAE-based BNPL provider tabby lands $50m Series B funding

Dubai-based fintech tabby has raised $50 million in a Series B funding round, taking the company’s valuation up to $300 million.

tabby

The fintech has now raised around $132 million

The round was led by Global Founders Capital and STV with participation from Delivery Hero, CCVA and existing investors.

Founded in 2019, the company has now raised a total of $132 million, with this latest funding following $50 million in debt financing in June and a $23 million Series A in December 2020.

Tabby is a buy now, pay later (BNPL) provider with presence across the UAE and Saudi Arabia.

It claims to partner more than 2,000 businesses in the region including Adidas, IKEA, and SHEIN.

The firm allows customers to pay for their online and in-store purchases in interest-free instalments.

It says its app currently has more than 400,000 active users with 3,000 daily downloads.

The new financing will be used to grow its product range and accelerate its expansion into new markets.

The popularity of BNPL firms has been booming recently. US payments firm Square agreed a deal to acquire Australian BNPL firm Afterpay for $29 billion earlier this week, while Klarna brought in $639 million from a SoftBank-led funding round in June.

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