Tabby raises $58 million in Series C from Sequoia Capital India, STV and PayPal Ventures
Tabby raises $58 million in Series C from Sequoia Capital India, STV and PayPal Ventures
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UAE-based fintech Tabby, has raised $58 million in a Series C round from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst, valuing the company at $660 million. The round also marks PayPal Ventures’ first investment in a GCC startup.
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Founded in 2019 by Hosam Arab, Tabby is a fintech startup that offers users a buy now pay later (BNPL) feature to shop online and offline.
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Fintech works with over 10,000 brands, including 9 of the 10 largest retail groups in Mena. Last year, Tabby crossed three million active shoppers, expanded its operations to Egypt and grew 5 times in turnover compared to the previous year.
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The company has issued over 150,000 Tabby cards, which allow users to buy goods in store and pay for them in installments. Store sales now make up over 10 per cent of Tabby’s volumes.
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Tabby will use the new funding to expand its product line into next-generation consumer financial services and support the company’s growing business. This latest round takes the company’s total funding to date to $333 million.
Source: press release
Tabby, MENA’s leading shopping and financial services app, has raised $58 million from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst in a Series C round valuing the company at $660 million. The fundraising will be used to expand Tabby’s product line into next-generation consumer financial services and support the company’s growing business. This round makes Tabby one of the most valuable startups in Mena and the first in the GCC to receive funding from PayPal Ventures.
Hosam Arab, CEO and co-founder of Tabby, said: “With rising interest rates and rising inflation, it’s never been more important for people to have access to payment flexibility to stay in control of their finances. Despite downward pressure on fintech valuations, our business continues to scale sustainably as we lead the generational shift towards fair and transparent financial products in Mena.”
He added: “We are excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region ripe for change.”
The company works with over 10,000 brands, including 9 of the top 10 retail groups in Mena, and recently launched midday, the region’s largest e-commerce marketplace. Last year, Tabby crossed three million active shoppers, expanded its operations to Egypt and grew 5 times in turnover compared to the previous year.
GV Ravishankar, MD, Sequoia India, said: “We are excited to see Tabby grow into a leading consumer-focused fintech company for the region. Over the next few years, it has the opportunity to offer more innovative products to its consumers to improve access while creating more affordability. The team has did this with a continued focus on good credit quality and strong finances.”
Ihsan Jawad, partner at STV said: “We are delighted to double down on our partnership with Hosam, Daniil and the team on their journey of growth across the region.”
Among its other milestones, the fintech company has issued over 150,000 Tabby cards just six months after launching the card program, with in-store sales now accounting for over 10 percent of the company’s volumes.
