UAE-Based Tabby
Becomes The MENA's First Fintech Unicorn After Having Raised US$200 Million In A Series D Round
UAE-based shopping and financial services app Tabby has raised US$200 million in equity financing in a Series D round led by US-based independent investment management firm Wellington Management.
Entrepreneur Middle East Staff
Published: 02/11/2023
5 min read
Additional investors in the round included Bluepool Capital, a Hong Kong-based investment management firm; STV, a Saudi Arabia-based venture capital (VC) and private equity entity; Mubadala Investment Capital, the asset management arm of UAE-based Mubadala Investment Company; PayPal Ventures, a VC and private equity platform and the investment arm of US-based PayPal; and Arbor Ventures, Singapore-headquartered global fintech-focused VC.
With this Series D round, Tabby's company value has crossed $1.5 billion, making it the MENA region's first fintech unicorn. This milestone has come just ahead of the startup's planned initial public offering (IPO) in Saudi Arabia.
Tabby currently has 10 million users and works with over 30,000 brands including 10 major retail groups in the region. With its flagship buy-now-pay-later (BNPL) offering currently managing over $6 billion in annualized transaction volume, the new funds are expected to cater to the increasing demand for this particular service.
Hosam and team built an iconic enterprise that is a reference model in terms of both discipline and disruption; two things that are hard to crack in-tandem. We are excited to see Tabby become an integral part of Saudi's fintech landscape, nurturing growth, and empowering the broader economy.