Tabby raises $58 million to boost operations and product portfolio.

24 Jan 2023

Tabby, a MENA BNPL platform, has raised $82 million, including $58 million from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst. PayPal Ventures' first GCC investment
Tabby will use the funds to expand into next-generation consumer financial services. Tabby is Mena's most valuable company and the first GCC enterprise to get PayPal Ventures funding.
"With rising interest rates and inflation, it has never been more vital for customers to have access to payment flexibility to keep control of their money," said Tabby CEO and co-founder Hosam Arab. "As fintech valuations decrease, our business sustainably expands as we pioneer the next generation's journey toward fair and honest financial solutions in Mena."
The business established Noon, the largest local e-commerce platform, which works with over 10,000 enterprises. Nine of Mena's top 10 retail groups Tabby started in Egypt, reached over 3 million customers, and increased income 5x in the last year.

The financial startup issued over 150,000 Tabby Cards in six months after launching its card program, with in-store transactions now accounting for over 10% of total volumes.

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