tabby a UAE ‘By Now, Pay Later’ fintech raises US$23mn

By Georgia Wilson
UAE fintech company - tabby - raises US$23mn in one of the largest Series A funding rounds in the Middle East...

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.

For more information on business topics in Europe, Middle East and Africa please take a look at the latest edition of Business Chief EMEA.

Follow Business Chief on LinkedIn and Twitter.

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy