Thriving as a Gen-Z substitute to credit cards and loans with huge interests, buy-now-pay-later (BNPL) services have recorded tremendous success across the globe, with many such firms raising remarkable amounts in funding.
Tabby was founded in 2019 by Hosam Arab after leaving his job at a fashion e-commerce firm, Namshi. He was CEO at Namshi until the firm was acquired by a real estate firm in Dubai.
Upon launching Tabby, the key goal was to contribute to solving the economic hardship and instability that has eaten into certain parts of the MENA and GCC region.
Tabby is an example of the successes being recorded by BNPL services. It is also the most popular in the Middle East.
The firm has now completed a series B funding round, raising US$50 million at a US$300 million valuation.
This funding round was led by Global Founders Capital and STV, while other firms including Delivery Hero and CCVA joined the league of Tabby investors. Existing backers of the firm that participated in the round include Arbor Ventures, Global Ventures, HOF, JIMCO, MSA Capital, Mubadala Investment Capital, Outliers VC, Raed Ventures, and VentureSouq.
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