tabby a UAE ‘By Now, Pay Later’ fintech raises US$23mn
In an announcement made by tabby - a leading UAE ‘By Now, Pay Later’ fintech - the company has raised US$23mn in its Series A funding round in debt and equity by Arbor Ventures and Mubadala Capital. Participants included STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and Arab Bank.
The funding will drive the company’s next stage of growth, scaling its product and engineering capabilities as well as its lending capacity to further benefit merchants and consumers.
Founded in 2019, tabby partners with retailers to offer online or in-store customers the ability to defer paying for purchases for up to 30 days or to pay in 4 equal monthly installments at zero cost to the consumer. Its series A funding round has further built on the fintech's growing roster of large-scale retailers and market momentum.
"Buy-now-pay-later solutions are booming globally thanks to accelerated payments digitisation and e-commerce penetration, and the Middle East is no exception. tabby’s solution fits squarely within our thesis that fintech solutions will drive better experiences for merchants and consumers. We are excited to partner with Hosam and his team as they build tabby into a regional fintech leader,” added Ibrahim Ajami, Head of Ventures at Mubadala.
“The shift to online retail has never been more evident, and with it, consumers are becoming ever more demanding as they actively seek convenience and reliability in their shopping experience. And this includes how they pay for their purchases. We’re very proud of the value we’ve been able to bring our retail partners by providing their customers with an exceptionally convenient and flexible way to pay,” commented Hosam Arab, co-Founder and CEO of tabby.