UAE-based buy now, pay later startup tabby has successfully raised $54M in an extension round to its initial $50M Series B closed in August of last year.
The round was by Sequoia Capital India and STV, with additional participation from existing investors Arbor Ventures, Mubadala Investment Capital, and Global Founders Capital (GFC). This round, along with $150M in debt and equity financing secured in 2021, brings tabby’s total fundraising to date over $180M.
While BNPL is still in its relative infancy among countries in the Gulf Cooperation Council, the sector has witnessed one of the fastest rates of consumer adoption globally with 24% of consumers in the region reporting having used the option in 2021.
Since its inception, tabby has aggregated over 1,100,000 active shoppers in Saudi Arabia and the UAE, collaborating with over 3,000 brands and driving over 3 million clicks to its partners every month.
Hosam Arab, CEO and co-founder of tabby states: “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. We are delighted to have Sequoia Capital India support our mission towards creating financial freedom as we embark on a key growth chapter in our journey.”
The funding will be used to support the startup's expansion across the region, with Egypt eyed as a viable jumping off point.