The United Arab Emirates (UAE)-based purchase now, pay later company Tabby has secured US $58 million in a series C round from investors including Sequoia Capital India, STV, and PayPal Ventures.
Tabby is one of the biggest companies in the Middle East and North Africa area as of the most recent fundraising, which values the company at over US $660 million. Additionally, the company becomes PayPal Ventures’ first investment in a business with a basis in a market within the GCC.
Hosam Arab and Daniil Barkalov founded Tabby in 2019, and it has already accumulated over 3 million active users. In addition to BNPL, the business also provides Tabby Card, a digital card backed by Visa that enables consumers to divide in-store purchases into four interest-free payments.
Tabby stated that its income increased five times over the previous year without getting any further detail.
Saudi Arabia, Egypt, Kuwait, and the United Arab Emirates are the present locations of Tabby. It works with more than 10,000 international brands, such as Shein, Ikea, H&M, and Bath & Body Works.
