Tabby, a finance company based in Dubai, has raised $54 million in a Series B expansion round. The funding follows the company’s original $50 million Series B investment in August of last year, which valued the company at roughly $300 million at the time.
Existing investors Arbor Ventures, Mubadala Investment Capital, and Global Founders Capital joined the new round, which was led by Sequoia Capital India and STV.
The funds will be used to grow the company’s product line and support its international expansion objectives.
Since the Series B round in August, the buy now, pay later (BNPL) provider claims that three times as many customers have used the platform.
According to its CEO Hosam Arab, the Middle Eastern markets where the company works – the United Arab Emirates (UAE) and Saudi Arabia – have embraced BNPL at the checkout faster than certain developed markets. Tabby claims to work with over 3,000 companies in both nations.
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