The top financial services and shopping app in the Middle East and North Africa, Tabby, has partnered with J.P. Morgan to securitize up to $700 million in receivables. This deal is the biggest asset-backed facility that a fintech company in the Middle East and North Africa has secured.
Hassana Investment Company has joined Tabby in extending its Series D financing to close $250 million concurrently with the securitization financing. Saudi Venture Capital (SVC) and Soros Capital Management, both based in the Kingdom of Saudi Arabia, also joined the Series D.
In the face of growing demand for its core buy now, pay later platform, the financing strengthens Tabby’s balance sheet and provides additional capital to support the company’s expansion of financial services and shopping products for its 10 million customers and 30,000 retailers.
Hosam Arab, CEO and Co-Founder of Tabby said: “Securitization is a major milestone, not only for Tabby but also the first of its kind for the region. It mirrors the rapid growth and evolution of the fintech landscape in our markets. We’re incredibly proud of our collaboration with J.P. Morgan, Hassana, Soros, and SVC. Their teams’ confidence in our vision and capabilities underscores Tabby’s pivotal role in reshaping personal finance and shopping in MENA.”
George Deves, Co-Head of Northern European ABS at J.P. Morgan, said: “We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East.”
Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, said: “The recent Series D funding round, coupled with the $700 million asset-backed securitization, will support Tabby in amplifying its reach and impact. As a committed and long-term investor, we believe in Tabby’s vision to empower consumers and merchants alike and reshape the future of financial services in Saudi Arabia and the wider MENA region. Tabby is poised for accelerated growth, further market penetration, and continued innovation. The company remains focused on delivering exceptional value to both consumers and merchants while maintaining its commitment to transparency, affordability, and responsible lending practices.”
