Dubai-based buy now, pay later (BNPL) platform, Tabby has completed a Series B extension of $54 million led by Sequoia Capital India and STV for international expansion and to further expand its consumer product offering.
The extension of the Series B round was led by Sequoia Capital India and STV, with additional participation from existing investors Arbor Ventures, Mubadala Investment Capital and Global Founders Capital (GFC). Last year, Tabby raised a Series B funding of $50 million. This latest round brings tabby’s total funding to $185 million in both debt and equity since it launched three years ago.
“Consumer-centric digital financial services provided real-time and without friction can unlock the growth of commerce and benefit the ecosystem as a whole. We continue to remain bullish on businesses that can do so at scale.”
~GV Ravishankar, Manager director Sequoia India
“We are proud to have partnered with Hosam and Daniil in their Series-A, and more proud to have deepened our partnership with tabby in all funding rounds since. We are strong believers that the company will continue spearheading BNPL’s growth across the region, fueled by the rapid switch to digital payments, e-commerce growth, and remarkable product vision and team, cementing its position as the market leader for BNPL in MENA.”
~ Ahmad Alshammari, Partner STV
Tabby empowers shoppers with the financial freedom to access the things they want or need while allowing them to maintain financial health and control. Saudi Arabia and UAE are the main markets for the company.
“We know the direction that we’re taking the business forward. Sequoia can add significant value in terms of what they’ve seen happen and some of the other markets that they’ve invested in before, especially as we start to expand our product offering into new areas.”
~ Hosam Arab, Co-founder and CEO Tabby
Tabby has been ranked among the top 10 shopping apps in Saudi Arabia and the top 20 in the UAE. The Dubai-based company has partnered with seven of the 10 largest retail groups in the GCC, which is more than any other regional BNPL player.
Currently, the company has over 1.1 million active users who shop with more than 3,000 brands monthly. These users drive over 3 million clicks to its partners. Retailers using tabby as their payment solution have witnessed a more than 10% decline in the usage of cash on delivery by their customers, said the company.
The latest investment will be channelled to support tabby’s international expansion and further expand its consumer product offering.